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 HFD in Fed H8 weekly release suggests strong income for US banks</li>
<li>LLR stagnating weekly basis for a long time, suggesting little incremental credit costs</li>
<li>LDR also expanding, with low growth of high costs deposits, 2Q25 profit can be strong</li>
</ul>


US banks HFD in Fed H8 weekly release suggests strong income for US banks
LLR stagnating weekly basis for a long time, suggesting little incremental credit costs
LDR also expanding, with low growth of high costs deposits, 2Q25 profit can be strong


US Banks - Loan Loss Reserves Stagnating On Weekly Basis, Indicator of Benign Credit Metrics

<ul>
<li>Strong weekly data from the CP market and from granular loan data of US banks</li>
<li>C&amp;I type lending is also included in the CP market and other loans to FI's</li>
<li>Loans to other FI's is up 21% YoY and C&amp;I lending, reached a new high since early FY24</li>
</ul>


Strong weekly data from the CP market and from granular loan data of US banks
C&amp;I type lending is also included in the CP market and other loans to FI's
Loans to other FI's is up 21% YoY and C&amp;I lending, reached a new high since early FY24


US Banks - Granular Weekly Data Suggest C&I Is Robust, Underlying Economy, Credit Metrics

<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

<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

Synchrony Financial operates as a consumer financial services company. The Company provides  a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers.

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Synchrony Financial (SYF US)

US Banks - Loan Loss Reserves Stagnating On Weekly Basis, Indicator of Benign Credit Metrics

Weekly data from Fed shows bank's loan loss reserves continue their stagnation, suggesting limited incremental credit costs, suggesting benign...

Daniel Tabbush

US Banks - Granular Weekly Data Suggest C&I Is Robust, Underlying Economy, Credit Metrics

There is good new high-frequency data from US banks and the Commercial Paper market suggesting a strong underlying economy for core C&I credit.

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

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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