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The banking industry's rate of expansion hit a seasonal wall in January, leading to the weakest reading for the Index of Banking Activity since its inception in 2012. While January has consistently yielded some of the softest readings in the IBA, a relatively mild winter in the Northeast (a stark contrast to the previous two winters) puts the loss of momentum in a different light from those in recent years. Index components that track loan applications and loan approvals retreated below 50 in January on both the consumer and commercial sides of the business, marking the first time that those indicators simultaneously signaled a contraction in business activity. Most of the components that monitor trends in credit quality have remained positive, although respondents did indicate that delinquency trends in consumer lending had turned somewhat negative in January. Survey respondents also continued to report generally favorable trends in the pricing environment for new loans. Trends in other areas of business tracked by the IBA remained largely intact: The components that monitor the generation of new transaction accounts, the overall level of commercial and consumer loans outstanding, and local business and real estate conditions in the markets where respondents do business all remained above 50, pointing to ongoing improvements in each of those banking-activity metrics.

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The Houston-based institution plans to build profit into the repayment agreement for a loan, with profit replacing interest, under the model of other Muslim-based lenders.

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