US Large Banks - New B/S Data: CRE Craters, MBS Sharp Decline, LLR & Big Fixed Deposits Up+, SE Flat

US Banks - Added $122bn Cash In Past 2 Weeks | Loans up $31bn | CRE Loans Down | Deposits up $113bn

Remitly - Rev +49% | ROW Rev +120% | Scaling: COGS -25% | Adj EBITDA Margin 2Q23 Is 8.7%, Highest

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Asian bank research and consultancy, Tabbush Report

Daniel Tabbush

Asian bank 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)

United states Financials / Thematic (Sector/Industry)

<ul>
<li>Small US banks are showing sharply higher CRE loan growth in recent weeks</li>
<li>We would not view this as positive, and more likely off B/S moving on B/S</li>
<li>CMA shows clear 1Q23 deterioration in CRE loans, perhaps others too</li>
</ul>


Small US banks are showing sharply higher CRE loan growth in recent weeks
We would not view this as positive, and more likely off B/S moving on B/S
CMA shows clear 1Q23 deterioration in CRE loans, perhaps others too


Small US Banks - CRE Acceleration