These 3 things dragged Singapore banks' net interest margins down

NIMs dropped 5-8bps in 4Q12.

According to CIMB, NIMs declined from 5 to 8bps in 4Q12. On a full year basis, margins declined 10bps for DBS, 15bps for OCBC and 19 bps for UOB.

UOB said this was the consequence of 1) stiff competition pushing down lending yields; 2) declining investment securities yield and 3) deposit competition inflating funding costs.

"In 2012, for DBS, OCBC and UOB, net interest income grew 9.5%/9.9%/6.5% respectively. In view of moderating loans growth and continued margin compression, we forecast net interest income growth of 1.8%/2.1%/2.7% for DBS, OCBC and UOB in 2013," CIMB said.

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