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FCDU Expands to $31.1 Billion

12.20.2011

As of end-June 2011, the total resources of the foreign currency deposit unit (FCDU) grew by 9.5 percent to $31.1 billion from $28.4 billion a year ago. Universal and commercial banks (U/KBs) accounted for 95.9 percent or $29.8 billion of the total FCDU assets while thrift banks (TBs) held 4.1 percent or $1.3 billion. Rural and cooperative banks (R/CBs) contributed less than half of 0.1 percent share or one million dollars.

Financial assets other than loans, net held the lion’s share of total assets with 53.0 percent ($16.5 billion) from 49.3 percent ($14.0 billion) a year ago. This was followed by loans, net at 20.7 percent share ($6.5 billion) from 18.8 percent share ($5.3 billion) and by interbank loans, net at 12.5 percent share ($3.9 billion) from 18.9 percent share ($5.4 billion).

Meantime, resident borrowers accounted for 91.1 percent ($6.0 billion) of total loans, gross while the remaining share of 8.9 percent ($0.6 billion) was lent out to non-resident borrowers.

By economic activity, the major recipients of credit were the manufacturing sector with a 35.5 percent share of total loans to residents, the financial intermediation sector with 15.6 percent share, and the electricity, gas and water supply sector with 13.8 percent share. These top 3 sectors constituted 64.9 percent of the total FCDU loans to residents.

Loan and asset quality got better as FCDU non-performing loans (NPL) ratio improved to 0.7 percent from 1.8 percent a year ago while FCDU non-performing assets (NPA) ratio similarly eased to 0.2 percent from 0.3 percent. Moreover, the NPL and NPA coverage ratios of FCDUs widened to 288.3 percent and 287.3 percent, respectively, from year ago’s 136.9 percent and 136.3 percent ratios.

Deposit liabilities remained the largest source of funds at 81.9 percent share of total resources and grew by 3.9 percent to $25.5 billion from $24.5 billion a year ago. Resident depositors accounted for the majority at 98.1 percent share of deposit liabilities while the remaining 1.9 percent share was sourced from non-resident depositors.

Annualized net profit for the period ended 30 June 2011 rose by 16.5 percent to $1.1 billion from $0.9 billion same period last year as the $0.2 billion increment in total operating income surpassed the less than half of $0.1 billion rise in non-interest expenses.

By industry, the UKBs accounted for 98.0 percent ($1.0 billion) of net profit while TBs contributed the remaining 2.0 percent (less than half of $0.1 billion).

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