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Revisions

Still no turnaround in sight for banks

Broker's Calls

Still no turnaround in sight for banks

Gwyneth Yeo Published on Mon, Oct 03, 2016 / 3:25 PM GMT+8

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SINGAPORE (Oct 3): The banking system data from August continued to show a depressed economy, as loans growth fell 5.2% from a year ago, despite an increase of 1% over July.

As such, Maybank Kim Eng remains “negative” on the Singapore banking sector.

Loans have declined for eight consecutive months, the “longest streak of contraction since 2005” says Ng Li Hiang, Maybank Kim Eng’s analyst, in a note on Monday.

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