CIMB Tidak Jadi Naikkan BLR
Setelah ditegur oleh Bank Negara, CIMB menarik balik kenaikan BLR yang diumumkan beberapa hari lepas.
Kadar BLR kini kembali kepada kadar asal 6.3%. Apapun, kemungkinan besar BLR akan dinaikkan juga pada suku ketiga nanti. Jadi bersedialah untuk membayar lebih untuk loan asb dan loan rumah anda.
Petikan penuh drp bizstar:
KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd will not raise their respective base lending rate (BLR) and base financing rate (BFR). The two banks yesterday backtracked on their decisions in under 24 hours after having announced a rise of five basis points (bps) on lending rates on Wednesday.
Industry observers said this could be a signal for other banks to follow suit and keep their lending rates at the current level.
This is probably the first time in the domestic banking industry that banks reversed on their calls to raise the BLR in such a short span of time after an announcement was made.
Industry sources said CIMB reversed its decision following an indication from Bank Negara Malaysia (BNM) to all banks yesterday that they should not raise the BLR on account of the increase of the statutory reserve requirement (SRR) by the central bank.
“BNM told banks that the SRR is not the benchmark to be used to raise their BLR, as the purpose of raising the SRR is to manage the liquidity in the financial system,” an industry source said.
An industry observer said instead of the SRR, the movement in the overnight policy rate (OPR) would be a more suitable benchmark for banks to revise their BLR. The OPR was kept at 2.75% at the latest monetary policy committee meeting on March 11.
In a statement yesterday, CIMB’s banking units — CIMB Bank and CIMB Islamic Bank — said they had revised their earlier decision to raise the BLR and BFR to 6.35%,
which were to take effect from April 4.
“As a result of this, CIMB Bank and CIMB Islamic Bank will maintain their BLR and BFR at 6.3%,” the banking group said.
On Wednesday, CIMB said it would increase its BLR, following BNM’s decision to raise SRR to 2% from 1% with effect from yesterday.
A report by AmResearch Sdn Bhd yesterday said CIMB’s move to raise its BLR was “unexpected” as BNM had hinted that banks should wait for a while before they
start to consider raising their BLR.
“The increase in BLR by five bps is positive for CIMB. This is because opportunity costs benchmark is estimated to increase simplistically by only three bps, based on our estimates,” AmResearch said.
An industry observer also considered CIMB’s move to increase its BLR surprising, given that traditionally it was Malayan Banking Bhd — the country’s largest bank in terms of assets — that would be the first in raising the key lending rate.
Should the BLR be raised, industry observers said competition among banks was expected to rise, as all other players were also likely to do the same.
Currently, most banks offer home mortgages at the rate of BLR minus 2.4%. An industry observer noted some banks were even prepared to offer BLR minus 2.5% without the typical five-year lock-in period to attract business.
A banking analyst said while the increase in the SRR was unlikely to squeeze banks’ net interest margin, banks raising their BLR would ensure that higher cost of funds was passed on to borrowers. AmResearch said there could be a possibility of further SRR increases by BNM.
During the 1997/98 Asian financial crisis, BNM cut the SRR to 4% from almost 14% in 1996 to boost liquidity in the financial system.
The SRR was maintained at that level until 2008, but was reduced to 1% in March 2009, a move to further boost the liquidity following the global credit crunch.
However, some analysts reckoned that BNM might not increase the SRR, as it could be looking at raising key interest rates instead.
“There is a possibility that BNM is looking at raising key interest rates by 25bps in the monetary policy committee meeting in July, following concerns of rising inflation,” an analyst said.
He added that the central bank could undertake another hike in the OPR in the second half of the year, depending on the global developments then.
BNM had increased interest rates by a total of 75bps last year to 2.75% currently.
The low interest rate environment in the past few years has helped spur property purchases, which in turn pushed up demand for home loans. Consequently, most banks have shifted their focus to consumer loans, including mortgages and car loans.
For housing loans, banks offered competitive rates ranging from BLR minus 2.2% to BLR minus 2.5% in 2009, following BNM’s gradual move to cut key interest rates to 2% in February 2009 from 3.5% in 2008.
The near cutthroat competition ended in October 2009 when banks agreed to standardise home financing rates at BLR minus 1.8% to BLR minus 1.9%.
However, in 2010, the price war re-emerged, following the move by some foreign banks to bring down their financing rates.
An analyst noted that the banks adopted a “volume play” strategy at low interest rate cycle, meaning they would take in as many loans as they could even at razor thin margins, in hopes of earning a bigger margin when interest rate starts to climb in future years.