Singapore Banking Monthly - Phillip Securities 2023-10-13: Rates Growth Stagnates

Singapore Banking Monthly - Rates Growth Stagnates

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)
  • September’s 3-month SORA was up 1bps m-o-m to 3.70% and was 7bps higher than the 3Q23 average of 3.69%. 3-month HIBOR was down 3bps m-o-m to 4.95%.
  • Singapore domestic loans dipped 6.71% y-o-y in August, below our estimates. The loan decline was slightly larger than in the previous month. The CASA balance dipped slightly to 18.8% (Jul 23: 18.9%).
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3M-SORA growth flat; 3M-HIBOR continues decline in September

  • Singapore interest rates continued to flatten in September. The 3-month SORA was up 1bps m-o-m to 3.70%. September’s 3-month SORA surged by 186bps y-o-y and was 7bps higher than 3Q23 3-month SORA average of 3.69% (2Q23: 3.62%).
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Singapore loans growth continues 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 | 2023-10-13

More reports on banking & finance sector:
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