Banking Update - Profits fall as margins contract
  • 2013-09-03T00:00:00
  • Sector Reports
1H results were rather lacklustre for banks, as expected. However, we believe things will improve in 2H given the central bank has removed the credit growth cap of 12% per bank. Nonetheless, with Circular 02 forcing banks to use tougher rules to assess their NPLs as of 1 June 2014 could incite banks to speed up taking provisions and write offs in advance.