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>US banks' high-frequency data (HFD) released from the Fed shows the 6th week in a row of higher than 4% YoY loan growth (and highest yet at 4.43%)</li>
<li>The change in loans during the first 6 weeks of 3Q25 is +USD85bn compared with +USD1bn in the same period last year</li>
<li>C&amp;I loan growth has seen strong delta over past 52 weeks and LLR growth remains subdued, suggesting good credit metrics</li>
</ul>


US banks' high-frequency data (HFD) released from the Fed shows the 6th week in a row of higher than 4% YoY loan growth (and highest yet at 4.43%)
The change in loans during the first 6 weeks of 3Q25 is +USD85bn compared with +USD1bn in the same period last year
C&amp;I loan growth has seen strong delta over past 52 weeks and LLR growth remains subdued, suggesting good credit metrics


US Banks - At 6 Weeks into 3Q25, +USD85bn Loans, Vs +USD1bn at 6 Weeks into 2Q24

<ul>
<li>New H8 release from Fed shows another strong week of YoY loan growth at 4.22%</li>
<li>The delta in C&amp;I loans which are core to economy is exceptional, now at 3.68% YoY</li>
<li>With loan loss reserves only growing at 1.15% YoY, credit metrics appear benign</li>
</ul>


New H8 release from Fed shows another strong week of YoY loan growth at 4.22%
The delta in C&amp;I loans which are core to economy is exceptional, now at 3.68% YoY
With loan loss reserves only growing at 1.15% YoY, credit metrics appear benign


US Banks - Another Week of >4% YoY Loan Growth, Credit Metrics Look Good: Meager LLR Growth

<ul>
<li>Weekly loan data is up a lot in week ending 2 July suggesting the geopolitical events are not negating credit demand in the US - demand is accelerating.</li>
<li>Over the past three weeks loans are up USD119bn and there is no other 3 week period that compares in recent months. </li>
<li>Total loan growth is now 4.2% YoY where C&amp;I loan growth accelerated from 2.3% YoY to 3.2% YoY, in the most recent week.</li>
</ul>


Weekly loan data is up a lot in week ending 2 July suggesting the geopolitical events are not negating credit demand in the US - demand is accelerating.
Over the past three weeks loans are up USD119bn and there is no other 3 week period that compares in recent months. 
Total loan growth is now 4.2% YoY where C&amp;I loan growth accelerated from 2.3% YoY to 3.2% YoY, in the most recent week.


US Banks - New Loans Up USD119bn in past 3 Weeks. There Is No Recent Comparative This High.

<ul>
<li>New weekly data from US banks are now out, the first time since 13 June events, so important</li>
<li>There remains loan acceleration in total loans and also the important bucket, C&amp;I loans</li>
<li>LDR expansion good, new CP outstanding data shows a surge in growth rate, new highs</li>
</ul>


New weekly data from US banks are now out, the first time since 13 June events, so important
There remains loan acceleration in total loans and also the important bucket, C&amp;I loans
LDR expansion good, new CP outstanding data shows a surge in growth rate, new highs


US Banks - Weekly Balance Sheets Post 13 June Are Out, Strong C&I, Low LLR, LDR Up, CP Growth High

<ul>
<li>Quarterly granular data from US banks is collated by the Fed showing consumer loans broken down by PD bucket</li>
<li>The data through 1Q25 may be counterintuitive with what shows some of the best credit metrics in the time series </li>
<li>The best two PD buckets for both residential mortgage loans and credit card loans, are both rising as a proportion of total, and at peaks in the series</li>
</ul>


Quarterly granular data from US banks is collated by the Fed showing consumer loans broken down by PD bucket
The data through 1Q25 may be counterintuitive with what shows some of the best credit metrics in the time series 
The best two PD buckets for both residential mortgage loans and credit card loans, are both rising as a proportion of total, and at peaks in the series


US Banks - Granular Data on Probability of Default (PD) Points to Strong Consumer Credit Metrics

United States

Cullen/Frost Bankers, Inc. is the holding company for The Frost National Bank. The Bank provides commercial banking, consumer services, investment banking, international banking, trust services, correspondent banking, discount brokerage, and insurance services through a network of offices in Texas.

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Cullen/Frost Bankers (CFR US)

US Banks - At 6 Weeks into 3Q25, +USD85bn Loans, Vs +USD1bn at 6 Weeks into 2Q24

US banks' HFD shows strong and accelerating loan growth. The change in loans during the 6 weeks into 3Q25 is $85bn vs $1bn in 3Q24. C&I is strong,...

Daniel Tabbush

US Banks - Another Week of >4% YoY Loan Growth, Credit Metrics Look Good: Meager LLR Growth

US banks show another week of >4% YoY loan growth, two consecutive weeks, only time we have seen at least since first week of FY24. C&I loan delta...

Daniel Tabbush

US Banks - New Loans Up USD119bn in past 3 Weeks. There Is No Recent Comparative This High.

Weekly B/S data for US banks shows far higher loan growth in the week, much is driven by core C&I loans. LLR balances are lower, growth rate moved...

Daniel Tabbush

US Banks - Weekly Balance Sheets Post 13 June Are Out, Strong C&I, Low LLR, LDR Up, CP Growth High

US bank balances sheets weekly data is just out and this is first H8 data since 13 June events. C&I is strong, LLR is low, LDR rising, and CP...

Daniel Tabbush

US Banks - Granular Data on Probability of Default (PD) Points to Strong Consumer Credit Metrics

Granular data on probability of default for US banks in their mortgage lending and credit card lending, is highly positive, suggesting good credit...

Daniel Tabbush

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