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Bank loans see growth of 8.8pc

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Hong Kong banks' more aggressive stance towards share financing and property lending saw their loans grow by a rapid 8.8 per cent during the first three months to March.

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This was higher than the 5 per cent increase in the previous quarter to December.

The Hong Kong Monetary Authority's latest quarterly bulletin said the industry's share finance loans jumped 30.3 per cent in the first quarter due to sustained buoyancy in the stock market.

Residential mortgages increased 7 per cent, following a rise of 6.5 per cent in the previous quarter.

Lending to property investment and development rose by 10.1 per cent compared with the 7.8 per cent December quarter's rally.

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Demand for trade finance loans declined 0.6 per cent after a modest recovery of 1.2 per cent previously, indicating trade continued to be sluggish in the first three months.

Credit card receivables fell by 3.3 per cent following a rise of 8.7 per cent.

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