- 2023 system-wide credit growth was recorded at 13.7%, nearly half of it coming from Q4 2023. Credit growth still shifted towards the corporate segment in Q4 2023. Our outlook remains positive for stronger credit growth in 2024.

- 2023 system-wide deposit growth was broadly in line with credit growth at 14%. The CASA ratio improved significantly in Q4 2023. We expect this trend to continue in 2024.

- 2023 aggregate NIM of banks under our coverage declined YoY but showed a significant improvement QoQ. However, the NIM of some banks decreased QoQ, possibly due to late disbursements resulting in lower interest asset yields. For 2024F, we still expect a YoY increase in NIM.

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