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Malaysia's banking sectors continues to get positive stance

Even with a notably slower pace of loan growth in November, Malaysia's banking sector continues to get a positive stance from research houses. Data showed that banks in the country recorded 5.5% loan growth in November from 6.5% year-on-year in October 2022. The slowdown in business lending and the tapering off in auto and share margin financing were among the reasons cited by Maybank Investment Bank. Loan applications in November contracted by 9.8% year-on-year. Residential loan applications contracted 26.5% year-on-year while passenger car and securities loan applications contracted 16.9% and 48.7%, respectively. Kenanga Research also maintained its overweight call on the banking sector on the belief that it would be resilient with interest rate-backed support on earnings.

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