Here's why Hong Kong banks' November loan growth disappointed analysts

Looks like the good days are over.

According to CCBI Research Report, Hong Kong banks' loan growth slowed down after several strong months (+0.1% MoM, +17.8% YoY) while system deposits had another strong month (+0.8% MoM, +10.9% YoY).

Here's more:

Total system loan-to-deposit ratio decreased 50bp to 71.4% while HKD LDR fell 70bp to 81.9%. RMB deposits continue to record strong growth (+7.1% MoM) to 782b, now making up 11.1% of total system deposits.

The mortgage market remains tepid as mortgage loans approved fell -3.6% MoM to HK$11.2b though loans for primary market transactions rebounded for a third straight month (+29.2% MoM) to HK$3.6b.

Share of HIBOR-based mortgages increased 70bp to 26.3% and total outstanding system mortgages remained flat (+0.2% MoM) at HK$901.9b.