Monday, August 1, 2016

Banks

Banks: Both DBU loan and deposit balances declined in June.
- 1H16 loan growth of -1.5% is the poorest showing since 1999, driven by weak corporate demand.
- June’s deposit outflow was driven by CASA; non-resident deposit balances are down 9% YTD.
- Asset quality continues to show signs of deterioration. 2016 will be a challenging year.
- CLSA reiterates its Underweight stance on SG banks.

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