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

• 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%).
• - Read this at SGinvestors.io -
• 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.
• - Read this at SGinvestors.io -

3-month SORA stable while 3-month HIBOR declined in April

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

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)