Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>While loan growth continues to accelerate for US banks in weekly HFD, the single most important driver is loans to other financial institutions</li>
<li>Cash growth is also very high and can be a sign of risk aversion, with cash up USD196bn vs loans up USD98bn from end Jan to 9 April </li>
<li>It is unclear which of the institutions contained in the Fed definition of other FI's, where commercial banks are lending, but it does not feel core</li>
</ul>


While loan growth continues to accelerate for US banks in weekly HFD, the single most important driver is loans to other financial institutions
Cash growth is also very high and can be a sign of risk aversion, with cash up USD196bn vs loans up USD98bn from end Jan to 9 April 
It is unclear which of the institutions contained in the Fed definition of other FI's, where commercial banks are lending, but it does not feel core


US Banks - Loans to Other FI's and Cash, Are Driving Most All Growth, Neither Is Positive

<ul>
<li>US banks report weekly balance sheets, and the data is an good gauge for what we can expect during 1Q25 for profit, and especially core income, at least directionally. </li>
<li>The most recent loan growth data is now even stronger than before, and this is what matters: the weekly data is accelerating. </li>
<li>The pace of weekly YoY growth now is 2.7% during 1Q25 while this was 2.0% during 1Q24, the second derivative is also improving vastly, now up 33% YoY</li>
</ul>


US banks report weekly balance sheets, and the data is an good gauge for what we can expect during 1Q25 for profit, and especially core income, at least directionally. 
The most recent loan growth data is now even stronger than before, and this is what matters: the weekly data is accelerating. 
The pace of weekly YoY growth now is 2.7% during 1Q25 while this was 2.0% during 1Q24, the second derivative is also improving vastly, now up 33% YoY


US Banks - Average YoY Loan Growth During 1Q25 Weeks Is 33% Higher than During Weeks in 1Q24

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 21/Mar, U.S. crude inventories fell by 3.3m barrels (vs. expectations of 1.5m build), gasoline and distillate stockpiles fell less than expected.</li>
<li>US natural gas inventories rose by 37 Bcf for the week ending 21/Mar, in line with analyst expectations. Inventories are 6.5% below the 5-year seasonal average.</li>
<li>Shell to boost shareholder distributions to 40-50% of CFFO and cut costs by USD 5-7 billion by 2028. Exxon plans 250 layoffs in the UK by 2026.</li>
</ul>


For the week ending 21/Mar, U.S. crude inventories fell by 3.3m barrels (vs. expectations of 1.5m build), gasoline and distillate stockpiles fell less than expected.
US natural gas inventories rose by 37 Bcf for the week ending 21/Mar, in line with analyst expectations. Inventories are 6.5% below the 5-year seasonal average.
Shell to boost shareholder distributions to 40-50% of CFFO and cut costs by USD 5-7 billion by 2028. Exxon plans 250 layoffs in the UK by 2026.


[ETP 2025/13] WTI Climbs on Trade Disruptions, Moderate Weather Forecasts Cap Henry Hub

<ul>
<li>Momentum in weekly HFD for loan growth at US banks is improving, now reaching 3.0% YoY for week 5 March data, a figure not reached since at least early 2024</li>
<li>The growth rate in large time deposits continues to remain incredibly low now at 1.2% YoY in the most recent week - these funds are more expensive than other deposits. </li>
<li>Loan loss reserves are still much higher than YE19 at 1.59% of loans there is a distinct bottoming and turning over of this ratio - suggesting better credit metrics.</li>
</ul>


Momentum in weekly HFD for loan growth at US banks is improving, now reaching 3.0% YoY for week 5 March data, a figure not reached since at least early 2024
The growth rate in large time deposits continues to remain incredibly low now at 1.2% YoY in the most recent week - these funds are more expensive than other deposits. 
Loan loss reserves are still much higher than YE19 at 1.59% of loans there is a distinct bottoming and turning over of this ratio - suggesting better credit metrics.


US Banks - Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024

<ul>
<li>The most recent loan officer survey release from the Fed shows a very strong outlook for US banks during 1Q25 and likely during FY25 as a whole</li>
<li>Core C&amp;I loan demand is rising sharply in the survey and tightening standards on CRE loans are loosening dramatically</li>
<li>Weekly balance sheet data for US banks shows better delta in loans through 19 Feb week, stagnating LLR, and rising LDR</li>
</ul>


The most recent loan officer survey release from the Fed shows a very strong outlook for US banks during 1Q25 and likely during FY25 as a whole
Core C&amp;I loan demand is rising sharply in the survey and tightening standards on CRE loans are loosening dramatically
Weekly balance sheet data for US banks shows better delta in loans through 19 Feb week, stagnating LLR, and rising LDR


US Banks - Senior Loan Officer Survey, Weekly B/S Data, Suggest Strong US Bank Profits

United States

Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

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Citigroup Inc (C US)

US Banks - Loans to Other FI's and Cash, Are Driving Most All Growth, Neither Is Positive

US banks are seeing most of their loan growth to FI's rather than to the core economy which is not positive. Bank earnings can still be good, but...

Daniel Tabbush

US Banks - Average YoY Loan Growth During 1Q25 Weeks Is 33% Higher than During Weeks in 1Q24

US banks are seeing stronger loan growth in new weekly data, and growth rate now is far higher than what they saw during 1Q24 weeks. Lowering cash,...

Daniel Tabbush

[ETP 2025/13] WTI Climbs on Trade Disruptions, Moderate Weather Forecasts Cap Henry Hub

US oil inventories fell more than expected, while natural gas inventories rose in line with expectations. Shell to increase shareholder...

Mint Finance

US Banks - Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024

US banks weekly HFD on loans is positive, with acceleration to highest rates of growth since at least early FY24. Large time deposits and loan loss...

Daniel Tabbush

US Banks - Senior Loan Officer Survey, Weekly B/S Data, Suggest Strong US Bank Profits

Data from the Fed's Senior Loan Officer Survey suggest a strong back drop to US bank earnings, as does granular HFD from weekly balance sheets,...

Daniel Tabbush

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US Banks - Loans to Other FI's and Cash, Are Driving Most All Growth, Neither Is Positive

US banks are seeing most of their loan growth to FI's rather than to the core economy which is not positive. Bank earnings can still be good, but...

Daniel Tabbush

US Banks - Average YoY Loan Growth During 1Q25 Weeks Is 33% Higher than During Weeks in 1Q24

US banks are seeing stronger loan growth in new weekly data, and growth rate now is far higher than what they saw during 1Q24 weeks. Lowering cash,...

Daniel Tabbush

[ETP 2025/13] WTI Climbs on Trade Disruptions, Moderate Weather Forecasts Cap Henry Hub

​US oil inventories fell more than expected, while natural gas inventories rose in line with expectations. Shell to increase shareholder...

Mint Finance

US Banks - Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024

US banks weekly HFD on loans is positive, with acceleration to highest rates of growth since at least early FY24. Large time deposits and loan loss...

Daniel Tabbush

US Banks - Senior Loan Officer Survey, Weekly B/S Data, Suggest Strong US Bank Profits

Data from the Fed's Senior Loan Officer Survey suggest a strong back drop to US bank earnings, as does granular HFD from weekly balance sheets,...

Daniel Tabbush

US oil inventories fell more than expected, while natural gas inventories rose in line with expectations. Shell to increase shareholder...