Singapore Banking Monthly - Phillip Securities 2024-05-17: Fee Income The Driver

Singapore Banking Monthly - Fee Income The Driver

Singapore Banking Sector - Phillip Securities Research | SGinvestors.ioDBS (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) UNITED OVERSEAS BANK LTD (SGX:U11)
  • April’s 3-month SORA was up 1bp m-o-m to 3.65% and 1bp lower than the 1Q24 average. Nonetheless, the 3-month SORA rose by 5bps y-o-y. 3-month HIBOR was down 16bps m-o-m to 4.54%, reversing the increase of 2bps in March.
  • Singapore domestic loans rose 1.4% y-o-y in March, the first increase in 16 months. We expect low-single-digit growth for 2024 as loan growth is expected to continue to be positive going into 2H24. The CASA balance rose slightly to 18.3% (Feb24: 18.2%).
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  • The banks had a positive April performance on the back of strong results. The best performer continued to be DBS, with a 7% increase, while OCBC and UOB improved by 5% and 3%, respectively.
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3-month SORA stable while 3-month HIBOR declined in April

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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 | 2024-05-17

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

Read also:
Analyst Reports on DBS Group
Analyst Reports on OCBC Bank
Analyst Reports on United Overseas Bank (UOB)


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