NIM to narrowed is common sense as interest rates decline in Singapore. The crux of the issue is by how much and how fast? Which in this case may be a slow process as the world uncertainties may keep the rate stubborn to decline. Another factor to consider is how much is NIM contribution to profitability and that all the 3 local banks are moving towards fees income such as international wealth management that can be seen in their exponential growth recently. Not sure if Citi has taken these into their considerations.
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