Chart of the Day: Here's proof that Singapore banks' net interest margins are bottoming out

Finally, after over 3 years.

According to CIMB, NIMs appear to have stabilised in 2Q, after falling for more than three years. DBS’s NIM eased a mere 2bp to 1.62%, OCBC recorded flat NIM (1.64%) and UOB’s NIM edged up 1bp to 1.71%.

CIMB said that more importantly, management guided for NIMs to stabilise at current rates for the full year. In the long term, the banks expect to see NIM expansion only when SIBOR moves up.

"There is gapping opportunity now as the yield curve steepens but the banks are reluctant to take advantage of that until they think that rates have risen enough and will stabilise at higher levels," CIMB said.

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