Singapore banks' loan-to-deposit ratio hit 100.4% in February

It's the first reading above 100% in a year.

According to Maybank Kim Eng, system deposits grew +5% YoY (Jan +4.6%), with Domestic Banking Unit (DBU) and Asian Currency Unit (ACU) deposits up 6.6% and +3.3%, respectively (ACU growth in SGD terms).

"DBU deposits gained strong momentum from CASA deposits, which grew strongly at c.10%, as banks in Singapore compete for sticky CASA deposits by offering attractive rates. As loan demand rose, system LDR has tightened to 100.4% (Jan +99.4%), a level not seen in a year," the brokerage firm adds.