Singapore Banking Monthly - Phillip Securities 2023-09-08: Rates Stable & CASA Stable

Singapore Banking Monthly - Rates Stable & CASA Stable

Singapore Banking Monthly - Phillip Securities Research | SGinvestors.ioDBS (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) SINGAPORE EXCHANGE LIMITED (SGX:S68)
  • Aug 23’s 3-month SORA was up 1bps m-o-m to 3.69% and 3-month HIBOR was down 12bps m-o-m to 4.98%.
  • Singapore domestic loans dipped 6.15% y-o-y in July, below our estimates. The loan decline has slightly increased from the previous month. The CASA balance was flat at 18.9% (Jun23: 18.9%).
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3M-SORA growth flattened; 3M-HIBOR declined in August

  • Singapore interest rates flattened in August. The 3-month SORA was up 1bps m-o-m to 3.69%. August’s 3-month SORA surged by 227bps y-o-y and was 7bps higher than 2Q23 3-month SORA average of 3.62% (1Q23: 3.20%).
  • Hong Kong interest rates declined and slightly reversed the previous few months increase. The 3-month HIBOR was down 12bps m-o-m to 4.98%, a reversal of July’s m-o-m increase of 26bps. Nonetheless this is the second highest the 3-month HIBOR has reached for 2023. August’s 3-month HIBOR improved by 256bps y-o-y and was 70bps higher than 2Q23 3-month HIBOR average of 4.28%.

Singapore loans growth decline steepened in July

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  • Business loans fell by 8.75% y-o-y in July. Loans to the building and construction segment, the single largest business segment, fell 2.46% y-o-y to S$169bn, while loans to the manufacturing segment fell 22.75% y-o-y in July to S$21.3bn.
  • Consumer loans were down 1.84% y-o-y in July to S$309bn, as dips in other segments were offset slightly by strong loan demand in the housing segment. Housing loans, which make up ~70% of consumer lending, grew 1.09% y-o-y in July to S$223bn for the month.
  • Total deposits and balances – which captured deposits in all currencies to non-bank customers – grew by 3.25% y-o-y in July to S$1,751bn. The Current Account and Savings Account, or CASA proportion was flat at 18.9% (Jun 23: 18.9%) of total deposits, or S$330bn.

Hong Kong loans growth continued to decline

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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 | 2023-09-08

More reports on banking & finance sector:
Analyst Reports on Singapore Banking & Finance Sector

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