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Sector Update � Banking (NEUTRAL,
maintain)
- Seasonal factor moderates Feb15 loan growth System loans growth in Feb15 remained sluggish, growing by +0.4% on a mom and +1.3%on a ytd basis, of which was attributable to seasonal factor. On a mom basis, we noted an uptick in system impaired loan, nonetheless the Feb15 gross impaired loan ratio of 1.67% has remained flat while LLC of 97.9% provides sufficient buffer. Maintain NEUTRAL on the sector.
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