DBS saw overall outflows in CASA (current account savings account) in 2HFY2022 ended December. Singapore dollar savings account deposits were down 14.7% h-o-h and 11.4% y-o-y to $137.8 billion as at Dec 31, 2022.
DBS Bank’s (SGX:D05
) chief executive officer Piyush Gupta thinks demand for Singapore’s Treasury bills (T-bills) will start declining in May, after a late-2022 rush into the six- and 12-month government securities impacted the bank’s customer deposits.
“The T-bills issued by the government at very attractive rates — that factor was not taken into account when we were doing modelling earlier. Obviously, a lot of money has flowed out of the system into the T-bills,” says Gupta at the release of the bank’s FY2022 ended December results on Feb 13.
