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OCBC targets $3b housing loans in Singapore

OCBC targets $3b housing loans in Singapore

SINGAPORE: Housing loans helped it achieve an 11% growth in lending. After posting a robust 11% growth in loans for the past quarter, banking giant OCBC targets to boost lending by targeting Singapore housing loans to reach $3b this year.

According to UOB Kay Hian analyst Jonathan Koh, the strong growth in loans was driven by finance, overseas investments and housing loans. Meanwhile, the bank’s lending from Singapore, Indonesia and Greater China grew 8.1% yoy, 16.7% yoy and 13.4% yoy, respectively. During the past quarter, OCBC has financed commercial and hospitality properties in Sydney, London, and New York.