MANILA, Philippines — The banking sector’s automotive and credit card loans continue to record high growth in the first half of the year with borrowers still optimistic that interests, peso-dollar exchange and inflation rates would remain well within central bank forecasts and outlook.

As of the end of June, data from the Bangko Sentral ng Pilipinas (BSP) showed auto loans rising to P128.2 billion, 21.5 percent higher year-on-year and 3.2 percent more than the quarter ending in March.

The other popular consumer loan product, credit card receivables, in the meantime posted a more modest growth of P121.2 billion, which was 6.1 percent higher than the same period in 2010, and an uptick of two percent from the first quarter this year.

The higher net worth universal and commercial banks remained the dominant players in the auto loans segment, posting a year-on-year growth of 25.8 percent or by 13.1 billion, and a quarter-on-quarter improvement of 5.3 percent or by P3.2 billion. The smaller cap thrift banks registered a growth of 17.4 percent or by P9.5 billion year-on-year and by 1.3 percent or P800 million quarter-on-quarter.

In a statement, the BSP said the total auto loans including subsidiaries amounted to P128.4 billion during the period, up 21.3 percent from last year.

The big banks accounted for 80.3 percent of total auto loans quarter-on-quarter growth and 58.2 percent based on a year-on-year growth. Their subsidiaries held 21.0 percent of the second quarter’s increased loans and 45.4 percent if compared to 2010.

BSP, however, said that thrift banks not affiliated with universal and commercial banks slowed down the total auto loans growth by 1.3 percent and 3.6 percent, respectively, from last quarter and the same period in 2010.

As for credit card receivables, the big banks reported a two percent quarter-on-quarter growth which accounted for 99.3 percent of growth in total credit card receivables. Including subsidiaries, total credit card loans stood at P145.2 billion, up 6.8 percent year-on-year and 2.8 percent higher quarter-on-quarter.

The universal and commercial banks accounted for 83.2 percent or P120.8 billion of all credit card loans while subsidiaries held 16.7 percent or P24.2 billion. The stand alone thrift banks have a small market or 0.1 percent, about P200 million.

Based on BSP data, credit card receivables to total loan portfolio ratio was at 4.5 percent, lower than the previous quarter’s 4.8 percent and year ago’s five percent ratio. As to loan quality, the ratio of total non-performing credit card receivables to total credit card receivables declined to 12.9 percent from 13.7 percent the same period last year.

BSP also said that the non-performing credit card receivables to total NPLs were bigger during the quarter at 14.1 percent from 13.8 percent in the previous quarter and 13.3 percent from year ago due to the P1.9-billion quarter-on-quarter decline and the P7.2-billion year-on-year reduction in total NPLs.