- October’s 3-month SORA was down 11bps m-o-m to 1.39%, the lowest since August 2022 and fell by 206bps y-o-y. Singapore loan growth has continued to climb (Sep25: +6.8%). Loans growth is broad based from tech and data centres, real estate, energy, housing and wealth management. Banks are still guiding low to mid-single digit. CASA ratio to total deposits rose (Sep25: 19.7%), 17% y-o-y, a tailwind for banks, lowering funding costs.
- - Read this at SGinvestors.io -
- The banks are guiding for NIM compression to ease in 2H25 as deposit rate cuts begin to flow through, and we expect FY25e PATMI to decline y-o-y, as fee income growth will not offset the NII decline. All three banks have committed to their previously announced capital return plans.
3-month SORA declines further
- - Read this at SGinvestors.io -
- Hong Kong interest rates continued to recover in October. The 3-month HIBOR rose by 26bps m-o-m to 3.58%, lower than the 102bps recovery in September. October’s 3M- HIBOR declined by 78bps y-o-y and is 110bps higher than the 3Q25 3-month HIBOR average of 2.48%
3Q25 Results Highlights
1. Provisions the differentiator
- Read more at SGinvestors.io.
