Resident support in Feb 22
? System loans rose 0.8% mom in Feb 22 as domestic loan drawdowns more than offset the regional contraction. Wholesale trade was a key driving force.
? Deposits rose 1.1% mom in Feb 22; inflows were mostly FCY deposits by residents in Singapore. CASA growth was steady. FD placements slowed.
? Reiterate Overweight. Unabating inflation prompting 50bp hikes in the US federal funds rate (FFR) is a key upside catalyst for Singapore banks.