NPL Data
NPLs in Asia: 2024 Data Analysis
This section draws on data from the report NPL Watch Asia: Monitoring Nonperforming Loans in Asia 2025.
In 2024, the total volume of NPLs across Asia reached approximately $700.19 billion, down marginally from $713.34 billion in 2023 (about 1.8% points) to a broadly stable credit environment across the region. However, the aggregate figure masks notable variation across subregions. East Asia remained the dominant contributor, led by the PRC and Japan, while South Asia and Central Asia recorded more pronounced increases, partly driven by loan book expansion. In contrast, NPL volumes declined overall in Southeast Asia, with improvements in Malaysia and Singapore offsetting pressures in Cambodia and Viet Nam.
Despite rising volumes in some markets, most economies maintained stable or improving NPL ratios, though persistent stress in countries like Bangladesh, Sri Lanka, and Viet Nam highlights the need for targeted reforms and stronger resolution frameworks.
Important note: Due to data limitations, not all countries within the region and subregions could be included. As a result, this analysis focus on the larger countries only—specifically those with a reported gross NPL stock exceeding $250 million as of 31 December 2024. Consequently, the total and sub-total figures presented are illustrative estimates, intended for discussion purposes only.
bn = billion, N/A = not applicable, NPL = nonperforming loan.
Notes: Original values are denominated in local currencies and converted to United States dollars ($), with exchange rates on relevant dates. The table only includes selected countries with the latest reported gross NPL stock of over $500 million as of 31 December 2022. Lower NPLs are shown in green and higher NPLs in dark brown on a graduated scale through the spectrum.
Sources: Statistics published by central banks; CEIC Data Company; and International Monetary Fund Financial Soundness Indicators. Data last accessed July 2025.
5-year context
Over the past 5 years, Asia’s NPL landscape has evolved significantly. NPLs rose temporarily in the pandemic shock in 2020 across many economies, particularly lower-income countries. However, from 2021 onward, a combination of regulatory forbearance, targeted fiscal support, and economic recovery helped stabilize asset quality. By 2024, several economies had returned to or improved upon their pre-pandemic NPL ratios, although vulnerabilities remain in certain sectors and jurisdictions.
| NPL Volume | NPL Ratio | |||||
|---|---|---|---|---|---|---|
| 2024($bln) | 2023($bln) | Variation | 2024 | 2023 | Variation | |
| East Asia | 520.35 | 525.43 | -0.97% | 1.4% | 1.5% | -0.1% |
| South Asia | 86.74 | 94.37 | -8.09% | 3.5% | 4.1% | -0.6% |
| Southeast Asia | 88.5 | 89.45 | -1.06% | 2.6% | 2.7% | -0.1% |
| Central Asia | 4.6 | 4.11 | 11.92% | 2.7% | 2.9% | -0.1% |
Southeast Asia has 12.6% of Asia’s total NPLs volumes. NPL volume declined 1.0%, from $89.44 billion in 2023 to $88.51 billion in 2024. The NPL ratio remained stable at 2.6% in 2024.
Of the best performers, Singapore led improvements, reducing its NPL volume from $16.33 billion in 2023 to $12.56 billion in 2024 and its NPL ratio to 1.3% from 1.7% in 2023, reflecting effective credit risk management and a strong macroeconomic environment.
In contrast, NPLs in Viet Nam continued to rise, increasing 4.2% to $31.39 billion in 2024 from $30.14 billion in 2023, with its NPL ratio rising to 5.4%, the second highest in Southeast Asia, and up sharply from 1.7% in 2020. Rapid credit expansion, particularly in real estate and consumer lending, and challenges in enforcement and resolution may have driven the increase. Strengthening supervisory capacity and early warning systems will be critical to managing these risks.
Malaysia’s NPLs declined slightly, reaching a ratio of 1.4% in 2024 (from 1.7% in 2023), suggesting gradual improvement in asset quality. Cambodia continued to face rising NPLs, with its ratio reaching 7.0% in 2024 (from 5.4% in 2023), indicating growing financial stress. The Philippines also saw a minor increase in NPLs reaching 3.3% in 2024, while Thailand and Indonesia remained stable.
| Latest 2024 | Latest 2023 | Variation | ||||||
|---|---|---|---|---|---|---|---|---|
| ($bln) | % subtotal | % total | ($bln) | % subtotal | ($bln) | 2024-2023% | ||
| Singapore | High Income | 12.56 | 14.2% | 1.8% | 16.33 | 18.3% | -3.77 | -23.1% |
| Thailand | Upper Middle | 14.45 | 16.3% | 2.1% | 14.35 | 16.0% | 0.10 | 0.7% |
| Indonesia | Upper Middle | 10.08 | 11.4% | 1.4% | 10.05 | 11.2% | 0.03 | 0.3% |
| Philippines | Lower Middle | 8.63 | 9.8% | 1.2% | 8.08 | 9.0% | 0.55 | 6.8% |
| Viet Nam | Lower Middle | 31.39 | 35.5% | 4.5% | 30.14 | 33.7% | 1.25 | 4.1% |
| Malaysia | Upper Middle | 7.26 | 8.2% | 1.0% | 7.68 | 8.6% | -0.42 | -5.5% |
| Cambodia | Lower Middle | 4.13 | 4.7% | 0.6% | 2.82 | 3.2% | 1.31 | 46.5% |
| Over the past 5 years | Variation | ||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | 2024-2023 (pp) | ||
| Singapore | High Income | 2.6% | 2.1% | 1.8% | 1.7% | 1.3% | -0.4% |
| Thailand | Upper Middle | 3.1% | 3.0% | 2.7% | 2.7% | 2.7% | 0% |
| Indonesia | Upper Middle | 3.1% | 3.0% | 2.4% | 2.2% | 2.1% | -0.1% |
| Philippines | Lower Middle | 3.6% | 4.0% | 3.2% | 3.2% | 3.3% | 0.1% |
| Viet Nam | Lower Middle | 1.7% | 1.5% | 2.0% | 4.6% | 5.4% | 0.8% |
| Malaysia | Upper Middle | 1.6% | 1.7% | 1.7% | 1.7% | 1.4% | -0.3% |
| Cambodia | Lower Middle | 2.1% | 2.0% | 3.1% | 5.4% | 7.0% | 1.6% |