RETAIL BANKING | Staff Reporter, Singapore

Malaysian banks' business deposits hit double-digit growth for the first time in 5 years

It grew 11.3% in September.

Total system deposits growth was a marginally slower 4.5% YoY in Sep 2017 versus 5.0% YoY in Aug 2017, according to Maybank Kim Eng. CASA nevertheless continued to expand at a faster pace of 8.8% (+9.5% YoY in August).

Here's more from Maybank Kim Eng:

By deposit holder, business deposits expanded 11.3% YoY in Sep 2017, this being the first time YoY growth has hit a double-digit pace since Oct 2012. Government deposits also expanded at a double-digit pace for the second consecutive month, at a pace of 11.2% YoY versus 12.7% YoY in August.

Consumer deposits, however, slowed to 3.7% YoY in September from 4.2% YoY in Aug 2017, while financial institution (FI) deposits contracted 3.3% versus a growth of 1.4% YoY in August.

Business deposits make up 34% of total deposits, while individual and FI deposits constitute 38% and 16% respectively.

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