Car loans up 21% to P58B as of June

Car loans expanded by 21 percent to P58 billion as of end-June this year from P48 billion in the same period last year, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend. 

The total auto loans of universal/commercial banks’ (U/KBs) and thrift banks’ (TBs) bank proper and subsidiaries for end-June was also higher by 4.9 percent from P55.3 billion in the first quarter of the year.

Meanwhile, the ratio of total auto loans to total loan portfolio (TLP), exclusive of inter-bank loan was maintained at 3.2 percent from the previous quarter’s 3.18 percent.

The thrift banking system continued to hold the biggest slice of the total auto loans of the banking system (bank proper) at 67.9 percent.

Of this share, 59.6 percent came from financial institution-linked TBs and 8.3 percent came from non-linked TBs.

U/KBs held the balance of 32.1 percent of which 29.6 percent came from domestic U/KBs and 2.5 percent came from foreign U/KBs.

The ratio past due auto loans as against the total loans continued to improve to 5.1 percent during the second quarter of the year from 5.9 percent in the first quarter loans and 6.3 percent a year ago.

On the other hand, the ratio of past due auto loans to total non-performing loans of combined U/KBs and TBs inched up to 1.4 percent from the previous quarter’s 1.3 percent and year ago’s one percent.

The past due auto loans to total loan portfolio was maintained at 0.2 percent  in the three comparative periods.