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Chart of the Day: Singapore banks' system deposits edged up by 9.7%
But deposits from residents dipped 1ppt.
According to Nomura, system deposits grew by 9.7% y-y in Feb, up from 8.3% in Jan, with deposits from Singapore residents growing by 9% y-y (10% in Jan), while non-resident deposits improved to 7.7% y-y (vs 2.8% in Jan).
The yield curve reflected by the spread between the 10-year and shorter threemonth interbank rates steepened by 10bps in February, with 10-year yields
up 10bps.
"The steepening of the curve should help to improve gapping profits for the banks, in our view," Nomura said.
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