Singapore Banking Monthly - Phillip Securities 2023-07-03: Singapore Interest Rates Remain Flattish

Singapore Banking Monthly - Singapore Interest Rates Remain Flattish

Singapore Banking Monthly - Phillip Securities Research | SGinvestors.ioDBS (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) UNITED OVERSEAS BANK LTD (SGX:U11) SINGAPORE EXCHANGE LIMITED (SGX:S68)
  • June’s 3-month SORA was up 3bps m-o-m to 3.64% and 3-month HIBOR was up 43bps m-o-m to 4.84%.
  • Singapore domestic loans dipped 4.88% y-o-y in May, below our estimates. The loan decline has slightly reversed from the previous month. CASA balance is flat at 18.8% (Apr23: 18.8%), the first in 14 months.
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3M-SORA growth flattens; 3M-HIBOR continues recovery in June

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  • Hong Kong interest rates continued to surge and reversed the decline from 1Q23. The 3-month HIBOR was up 43bps m-o-m to 4.84%, lower than May’s m-o-m increase of 82bps but this is the highest the 3-month HIBOR has reached for 1H23. June’s 3-month HIBOR improved by 359bps y-o-y and was 56bps higher than 2Q23 3-month HIBOR average of 4.28%.

Singapore loans growth decline flattened in May

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Glenn Thum Phillip Securities Research | 2023-07-03

More reports on banking & finance sector:
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