- November’s 3-month SORA was down 14bps m-o-m to 1.26%, the lowest since July 2022, and fell by 203bps y-o-y. Singapore loan growth has continued to climb (Oct25: +6.5%) with year-to-date25 loans up 5.7% y-o-y. Banks are still guiding low to mid-single digit. CASA rose 13% y-o-y but CASA ratio to deposit dipped slightly (Oct25: 19.4%), a tailwind for banks, lowering funding costs.
- - Read this at SGinvestors.io -
- We upgrade OCBC from Neutral to ACCUMULATE and OCBC's target price was raised from S$17.00 to S$20.00 as we raise the terminal growth rate to 3% (from 2%) and lower the beta to 1.1 (previously 1.2) to reflect OCBC’s strong wealth management growth and excess capital.
- - Read this at SGinvestors.io -
3-month SORA lowest since Jul 2022
- 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/.
Glenn Thum Phillip Securities Research | https://www.poems.com.sg/ 2025-12-11
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)
