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

• 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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Glenn Thum Phillip Securities Research | https://www.stocksbnb.com/ 2023-10-13 SGinvestors.io

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