Auto loans flat as demand slumps | Bangkok Post: auto

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Auto loans flat as demand slumps

Lenders rein in their 2014 growth targets

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Auto loans showed flat growth of 0.3% quarter-on-quarter in the fourth quarter last year, indicating weak loan demand after cars involved in the government's first-time car buyer tax rebate scheme were delivered. 

The five major auto lenders _ Siam Commercial Bank (SCB), Bank of Ayudhya (BAY), Thanachart Bank, Tisco Bank and Kiatnakin Bank _ posted auto loans outstanding at the end of December of 1.18 trillion baht, up 0.3% from the end of September.

SCB and BAY, which operate consumer loan products under the Krungsri Auto brand, saw their auto loan growth for the final quarter shrink by 1.1% and 0.5%, respectively. Even Thanachart Bank, the best performer in the quarter, posted auto loan growth of a mere 0.8% from the end of September.

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