Coverage: Q4 2024 · Information to 7 March 2025
Originally Published as TGB Premium Intelligence
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TGB Quarterly Regional Banking Monitor · 7 March 2025
Asia-Pacific policy rates moved in opposite directions between October 2024 and February 2025, as the Bank of Japan raised its policy rate to around 0.5% while India, Australia, South Korea, Indonesia and Thailand cut, and Chinese banks ended 2024 with a 1.50% non-performing loan ratio.
The desk view
The quarter split the region. The Bank of Japan raised its policy rate to around 0.5% on 24 January 2025, while the Bank of Korea took its Base Rate from 3.50% to 2.75% in three 25bp cuts and the Reserve Bank of India and the Reserve Bank of Australia each cut by 25bp in February 2025. Banking systems entered the easing phase with strong capital: Chinese commercial banks reported a 15.74% capital adequacy ratio and Indian banks a 16.7% CRAR. The pressure is on margins and on the weaker lenders. Chinese banks' net interest margin was 1.52% in 2024 and their return on assets 0.63%, while rural commercial banks carried a 2.80% non-performing loan ratio. Thai loans contracted and Korean asset quality edged down.
The regional picture
Monetary policy across Asia-Pacific moved in two directions over the review period. The Bank of Japan kept its overnight call rate guideline at around 0.25% on 19 December 2024 and then raised it to around 0.5% on 24 January 2025, both by 8-1 votes. Everywhere else the direction was down or on hold. The Bank of Korea cut on 11 October 2024, on 28 November 2024 and on 25 February 2025. The Bank of Thailand cut in October 2024 and again in February 2025, and Bank Indonesia cut in January 2025. The Reserve Bank of India and the Reserve Bank of Australia both cut by 25bp in February 2025, to 6.25% and 4.10% respectively.
Elsewhere, the moves were smaller or shaped by different policy frameworks. Bank Negara Malaysia kept its Overnight Policy Rate at 3% on 22 January 2025. The Hong Kong Monetary Authority set its Base Rate at 4.75% on 19 December 2024, in line with its link to the US federal funds rate. The Monetary Authority of Singapore, which targets the exchange rate rather than an interest rate, reduced slightly the slope of its S$NEER policy band on 24 January 2025. In China, the one-year loan prime rate was cut to 3.1% on 21 October 2024 and was unchanged at 3.1% on 20 February 2025.
Policy rates after the latest decision, %
Source: Bank of Japan, Change in the Guideline for Money Market Operations (January 24, 2025), 24 January 2025; Bank of Thailand, Monetary Policy Committee’s Decision 1/2025 (BOT Press Release No. 6/2025), 26 February 2025; Bank of Korea, Monetary Policy Decision & Opening Remarks to the Press Conference (February 25, 2025), 25 February 2025; Bank Negara Malaysia, Monetary Policy Statement (22 January 2025), 22 January 2025; People's Bank of China, Announcement on Loan Prime Rate (February 20, 2025), 20 February 2025; Reserve Bank of Australia, Statement by the Reserve Bank Board: Monetary Policy Decision (Media Release 2025-03), 18 February 2025; Hong Kong Monetary Authority, Adjustment of Base Rate (19 December 2024), 19 December 2024; Bank Indonesia, BI-Rate held at 5.75%: Maintaining Stability, Strengthening Economic Growth, 19 February 2025; Reserve Bank of India, Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee February 5 to 7, 2025, 7 February 2025.
Policy decisions, October 2024 to February 2025
| Economy | Policy instrument | Decisions | Level after last decision |
|---|---|---|---|
| China | One-year loan prime rate | Cut 25bp on 21 October 2024; unchanged on 20 February 2025 | 3.1% |
| Japan | Overnight call rate guideline | Held at around 0.25% on 19 December 2024; raised on 24 January 2025 | Around 0.5% |
| India | Repo rate | Held at 6.50% on 6 December 2024; cut 25bp on 7 February 2025 | 6.25% |
| Australia | Cash rate target | Held at 4.35% on 10 December 2024; cut on 18 February 2025 | 4.10% |
| South Korea | Base Rate | Cut 25bp on 11 October 2024, 28 November 2024 and 25 February 2025 | 2.75% |
| Indonesia | BI-Rate | Cut 25bp on 15 January 2025; held on 19 February 2025 | 5.75% |
| Thailand | Policy rate | Cut on 16 October 2024; held on 18 December 2024; cut on 26 February 2025 | 2.00% |
| Malaysia | Overnight Policy Rate | Held on 22 January 2025 | 3% |
| Hong Kong | Base Rate | Set on 19 December 2024 | 4.75% |
| Singapore | S$NEER policy band | Slope reduced slightly on 24 January 2025 | Not applicable |
Source: People's Bank of China, China Monetary Policy Report Q3 2024 (November 8, 2024), 8 November 2024; People's Bank of China, Announcement on Loan Prime Rate (October 21, 2024), 21 October 2024; People's Bank of China, Announcement on Loan Prime Rate (February 20, 2025), 20 February 2025; Bank of Japan, Statement on Monetary Policy (December 19, 2024), 19 December 2024; Bank of Japan, Change in the Guideline for Money Market Operations (January 24, 2025), 24 January 2025; Reserve Bank of India, Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee December 4 to 6, 2024, 6 December 2024; Reserve Bank of India, Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee February 5 to 7, 2025, 7 February 2025; Reserve Bank of Australia, Statement by the Reserve Bank Board: Monetary Policy Decision (Media Release 2024-27), 10 December 2024; Reserve Bank of Australia, Statement by the Reserve Bank Board: Monetary Policy Decision (Media Release 2025-03), 18 February 2025; Bank of Korea, Monetary Policy Decision & Opening Remarks to the Press Conference (October 11, 2024), 11 October 2024; Bank of Korea, Monetary Policy Decision & Opening Remarks to the Press Conference (November 28, 2024), 28 November 2024; Bank of Korea, Monetary Policy Decision & Opening Remarks to the Press Conference (February 25, 2025), 25 February 2025; Bank Indonesia, BI-Rate Lowered 25bps to 5.75%: Maintaining Stability, Strengthening Economic Growth, 15 January 2025; Bank Indonesia, BI-Rate held at 5.75%: Maintaining Stability, Strengthening Economic Growth, 19 February 2025; Bank of Thailand, Monetary Policy Committee’s Decision (BOT Press Release No. 39/2024), 16 October 2024; Bank of Thailand, Monetary Policy Committee’s Decision (BOT Press Release No. 44/2024), 18 December 2024; Bank of Thailand, Monetary Policy Committee’s Decision 1/2025 (BOT Press Release No. 6/2025), 26 February 2025; Bank Negara Malaysia, Monetary Policy Statement (22 January 2025), 22 January 2025; Hong Kong Monetary Authority, Adjustment of Base Rate (19 December 2024), 19 December 2024; Monetary Authority of Singapore, MAS Monetary Policy Statement - January 2025, 24 January 2025.
Over the review period the Bank of Korea delivered 75bp of cuts and the Bank of Thailand 50bp. The common thread was weak growth rather than a uniform fall in inflation. The Bank of Korea cut its 2025 growth forecast to 1.5% from 1.9%, the Bank of Thailand's committee said a manufacturing sector facing structural problems would slow growth, and the Reserve Bank of Australia stayed cautious with underlying inflation at 3.2% in the December quarter of 2024.
China: easing at the margin, thinner returns
The People's Bank of China's main easing steps came at the end of September 2024, and loan rates followed in October. On 27 September 2024 it lowered the 7-day reverse repo rate by 20bp to 1.50% and cut the reserve requirement ratio by 0.5 percentage point, after which the weighted average ratio was 6.6%. The one-year loan prime rate fell from 3.35% in September to 3.1% on 21 October, and the over-five-year rate from 3.85% to 3.6%. At its meeting on 27 December 2024 the PBOC's Monetary Policy Committee called for an appropriately accommodative monetary policy and said the RRR and interest rates may be cut depending on domestic and external conditions. It also said banks should be supported in capital replenishment.
The National Financial Regulatory Administration's quarterly data show a banking system with stronger buffers and weaker earnings. The commercial banks' non-performing loan ratio fell from 1.59% in the first quarter of 2024 to 1.50% in the fourth, and the provision coverage ratio rose to 211.19%. The capital adequacy ratio rose to 15.74% and the core tier 1 ratio to 11.00%. Profitability moved the other way. The net interest margin was 1.52% for 2024 against 1.54% in the first quarter, and return on assets fell from 0.74% to 0.63%. Return on equity was 8.10% and full-year net profit was RMB2.32 trillion.
China: commercial bank indicators, Q1 and Q4 2024
| Indicator | Q1 2024 | Q4 2024 |
|---|---|---|
| Non-performing loan ratio | 1.59% | 1.50% |
| Provision coverage ratio | 204.54% | 211.19% |
| Capital adequacy ratio | 15.43% | 15.74% |
| Core tier 1 capital ratio | 10.77% | 11.00% |
| Net interest margin (year to date) | 1.54% | 1.52% |
| Return on assets | 0.74% | 0.63% |
| Return on equity | 9.57% | 8.10% |
The split by institution type shows where the strain sits. Rural commercial banks had the highest non-performing loan ratio at 2.80% and the lowest provision coverage at 156.40%, against 1.23% and 248.00% at the large commercial banks. Their ratio did improve, from 3.34% in the first quarter. City commercial banks had the thinnest margin, at 1.38%, and a return on assets of 0.44%. The large banks combined a capital adequacy ratio of 18.33% with a 1.44% margin.
China: indicators by type of commercial bank, Q4 2024
| Bank type | NPL ratio | Provision coverage | Capital adequacy | Net interest margin | Return on assets |
|---|---|---|---|---|---|
| Large commercial banks | 1.23% | 248.00% | 18.33% | 1.44% | 0.71% |
| Joint-stock banks | 1.22% | 216.30% | 13.98% | 1.61% | 0.69% |
| City commercial banks | 1.76% | 188.08% | 12.97% | 1.38% | 0.44% |
| Rural commercial banks | 2.80% | 156.40% | 13.48% | 1.73% | 0.45% |
| Private banks | 1.66% | 228.33% | 12.24% | 4.11% | 0.91% |
| Foreign banks | 0.94% | 252.30% | 19.47% | 1.42% | 0.64% |
The combination of loan-rate cuts and an already thin sector margin suggests that further easing would add to the pressure on bank earnings. The regulator's figures point to the smaller regional lenders, rather than the large banks, as the part of the system with the least room to absorb that pressure.
Japan: the only rate rise in the region
The Bank of Japan's January decision was the only tightening among the central banks covered here. The Policy Board raised the guideline for the uncollateralised overnight call rate from around 0.25% to around 0.5% by an 8-1 vote. The Bank expected CPI inflation excluding fresh food of 2.5-3.0% for fiscal 2024 and around 2.5% for fiscal 2025. It said it would continue to raise the policy interest rate if its outlook was realised. It also confirmed that new disbursements under its Fund-Provisioning Measure to Stimulate Bank Lending would end after 30 June 2025, with a transitional option to roll over up to 50% of loans maturing in the second half of 2025.
The banking backdrop to the increase was steady. The Bank of Japan's October 2024 Financial System Report found that firms' demand for loans had risen despite higher lending rates and that banks' lending stance remained active. It judged that Japanese banks had sufficient capital and stable funding to withstand stress similar to the global financial crisis. It also flagged two pressure points: corporate bankruptcies and the default rate had exceeded pre-pandemic levels, though banks' credit cost ratios remained low, and real estate loans were still rising while some property valuations looked relatively high. The policy rate was raised while that report described corporate defaults as above pre-pandemic levels, which makes credit costs the variable to watch as rates normalise.
India: a reserve ratio cut, then a repo rate cut
The Reserve Bank of India eased in two steps. On 6 December 2024 its Monetary Policy Committee kept the repo rate at 6.50% by a four-to-two vote, with the minority favouring a 25bp cut. On the same day the RBI cut the cash reserve ratio by 50bp to 4.0% of net demand and time liabilities, in two tranches, which it said would release about ₹1.16 lakh crore of primary liquidity. On 7 February 2025 the Committee unanimously cut the repo rate by 25bp to 6.25%. The RBI cited a First Advance Estimate of 6.4% GDP growth for 2024-25 and projected CPI inflation of 4.8% for 2024-25 and 4.2% for 2025-26, after a 6.2% peak in October 2024.
The RBI's latest Financial Stability Report showed asset quality at its strongest in more than a decade. The gross non-performing assets ratio of scheduled commercial banks fell to a 12-year low of 2.6% in September 2024, and the net ratio stayed at around 0.6%. The provisioning coverage ratio rose to 77.0%. The CRAR was 16.7% and the CET1 ratio 14.0%. Profit after tax rose 22.2% year on year in the first half of 2024-25, and the annualised return on assets was 1.4% and return on equity 14.6% in September 2024. In the RBI's macro stress test, the GNPA ratio of 46 major banks may rise from 2.6% in September 2024 to 3.0% in March 2026 even in the baseline scenario.
Rate cuts from this starting point are more likely to compress margins than to expose weak balance sheets. The RBI's own baseline nonetheless assumes some deterioration in asset quality from the 12-year low.
Australia: lower profits, higher capital, a first cut
The Reserve Bank of Australia held the cash rate target at 4.35% on 10 December 2024 and lowered it to 4.10% on 18 February 2025. Underlying inflation was 3.2% in the December quarter of 2024, and the Board said it remained cautious on prospects for further easing.
The Australian Prudential Regulation Authority's statistics for the September 2024 quarter showed authorised deposit-taking institutions with high capital and lower profits. Net profit after tax for the year to September 2024 was $39.0 billion, down 7.4% from $42.2 billion. The total capital ratio rose to 20.2% from 19.8%, while the liquidity coverage ratio fell to 131.2% and the net stable funding ratio to 115.7%. The non-performing share of residential mortgages rose to 1.1% from 0.8%. APRA said profitability had been steady for four quarters, as low credit losses and resilient credit growth offset tight competition and rising operating costs. At bank level, the Commonwealth Bank of Australia reported cash net profit of $5.13 billion for the half year to 31 December 2024, up 2%, with a 2.08% net interest margin and a 12.2% CET1 ratio.
Australia: authorised deposit-taking institutions
| Indicator | September 2023 | September 2024 |
|---|---|---|
| Net profit after tax (year to date shown) | $42.2bn | $39.0bn |
| Total capital ratio | 19.8% | 20.2% |
| Liquidity coverage ratio | 136.8% | 131.2% |
| Net stable funding ratio | 118.8% | 115.7% |
| Non-performing residential mortgages | 0.8% | 1.1% |
South Korea: three cuts and a political shock
The Bank of Korea lowered its Base Rate from 3.50% to 3.25% on 11 October 2024 and to 3.00% on 28 November 2024. In November it forecast growth of 2.2% for 2024 and 1.9% for 2025. After the declaration of martial law, its Monetary Policy Board held an emergency meeting on 4 December 2024 and committed to market stabilisation measures until markets were fully stabilised. On 25 February 2025 it cut again to 2.75% and lowered its 2025 growth forecast to 1.5%. Consumer price inflation was 2.2% in January 2025 and core inflation 1.9%. The Board said it would remain cautious about a rebound in household debt and about exchange-rate volatility.
The Bank of Korea's latest Financial Stability Report showed well-capitalised commercial banks with slowly weakening asset quality. Their BIS capital ratio was 18.1% and CET1 ratio 15.6% at the end of the third quarter of 2024, both 0.5 percentage point higher than at the end of the first quarter. The substandard-or-below loan ratio rose to 0.35%, from 0.23% in the third quarter of 2022. Return on assets was 0.69% and the net interest margin 1.70% in the third quarter of 2024. The Financial Stress Index stood in the warning stage at 17.3 in November 2024.
Southeast Asia: Indonesia lends, Thailand shrinks
Bank Indonesia cut the BI-Rate by 25bp to 5.75% on 15 January 2025, with the deposit and lending facility rates lowered to 5.00% and 6.50%, and held on 19 February. Credit grew 10.39% in 2024, within the central bank's 10-12% projection, and 10.27% year on year in January 2025. Bank Indonesia projected 11-13% credit growth for 2025 and had disbursed Rp295 trillion of macroprudential liquidity incentives by the second week of January 2025. The banking system's capital adequacy ratio was 26.69% in December 2024, with gross and net NPL ratios of 2.08% and 0.74%.
Thailand's banks faced shrinking loan books instead. Banking-system loans contracted 0.4% year on year in the fourth quarter of 2024, after a 2.0% contraction in the third. Non-performing loans fell to 532.1 billion baht and the NPL ratio to 2.78%, but stage 2 loans rose to 6.98%. The capital ratio was 20.4%, the liquidity coverage ratio 206.4% and NPL coverage 177.1%. The Bank of Thailand said 2024 profitability improved on higher non-interest and interest income and lower provisioning. The Monetary Policy Committee voted 6 to 1 for its February cut and noted that SME loans in industries facing structural problems continued to contract.
Indonesia and Thailand: banking-system indicators
| Indicator | Indonesia | Thailand |
|---|---|---|
| Capital ratio | 26.69% (December 2024) | 20.4% (Q4 2024) |
| NPL ratio | 2.08% gross (December 2024) | 2.78% (Q4 2024) |
| Loan growth | 10.39% (2024) | -0.4% year on year (Q4 2024) |
| Liquidity | Liquid assets to third-party funds 26.03% (January 2025) | Liquidity coverage ratio 206.4% (Q4 2024) |
Source: Bank Indonesia, BI-Rate held at 5.75%: Maintaining Stability, Strengthening Economic Growth, 19 February 2025; Bank of Thailand, Banking Sector Quarterly Brief (Q4 2024 and 2024), 18 February 2025; Bank Indonesia, BI-Rate Lowered 25bps to 5.75%: Maintaining Stability, Strengthening Economic Growth, 15 January 2025.
Bank Negara Malaysia kept its Overnight Policy Rate at 3%, with headline and core inflation averaging 1.8% in 2024. In Singapore, MAS core inflation fell to 1.9% in the fourth quarter of 2024 from 2.7%, ahead of the January slope reduction. DBS Group reported 2024 net profit of S$11.4 billion, up 11%, with an 18.0% return on equity, a commercial book net interest margin of 2.80% and an NPL ratio of 1.1%. Its CET1 ratio was 17.0%, or 15.1% on a fully phased-in basis.
Hong Kong: rates tied to the Federal Reserve
The Hong Kong Monetary Authority set its Base Rate at 4.75% on 19 December 2024, following the 25bp cut in the US federal funds target range. The HKMA's latest half-yearly stability report showed a rising gross classified loan ratio, at 1.89% at the end of June 2024 against 1.57% at the end of 2023. Locally incorporated institutions had a CET1 ratio of 17.5% and a total capital ratio of 21.1%, while the retail banks' net interest margin narrowed to 1.51% from 1.62% a year earlier. Hong Kong banks therefore entered the easing cycle with strong capital but deteriorating asset quality.
Cross-country comparison
Asia-Pacific banking systems: latest published indicators
| Economy | Capital ratio | Asset quality | Profitability | Reference date |
|---|---|---|---|---|
| China | Capital adequacy 15.74% | NPL ratio 1.50% | Return on assets 0.63% | Q4 2024 |
| India | CRAR 16.7% | Gross NPA ratio 2.6% | Return on assets 1.4% | September 2024 |
| Australia | Total capital ratio 20.2% | Non-performing mortgages 1.1% | Net profit $39.0bn (year to September 2024) | September 2024 |
| South Korea | BIS ratio 18.1% | Substandard-or-below 0.35% | Return on assets 0.69% | Q3 2024 |
| Indonesia | Capital adequacy 26.69% | Gross NPL ratio 2.08% | Not available | December 2024 |
| Thailand | Capital (BIS) ratio 20.4% | NPL ratio 2.78% | Not available | Q4 2024 |
| Hong Kong | Total capital ratio 21.1% | Classified loan ratio 1.89% | Retail bank margin 1.51% | June 2024 |
Source: National Financial Regulatory Administration, 2024年商业银行主要监管指标情况表（季度） (Commercial banks: main supervisory indicators, quarterly, 2024), 21 February 2025; Reserve Bank of India, Financial Stability Report, December 2024: Chapter II Financial Institutions: Soundness and Resilience, 30 December 2024; Australian Prudential Regulation Authority, APRA releases quarterly authorised deposit-taking institution statistics for September 2024, 12 December 2024; Bank of Korea, Financial Stability Report (December 2024), 28 February 2025; Bank Indonesia, BI-Rate held at 5.75%: Maintaining Stability, Strengthening Economic Growth, 19 February 2025; Bank of Thailand, Banking Sector Quarterly Brief (Q4 2024 and 2024), 18 February 2025; Hong Kong Monetary Authority, Half-Yearly Monetary and Financial Stability Report, September 2024: Chapter 5 Banking sector performance, 27 September 2024.
Across the systems with published ratios, capital ratios ranged from 15.74% in China to 26.69% in Indonesia. The asset-quality measures differ in definition and are not directly comparable, but every system reported a ratio at or below Thailand's 2.78%. The differences lie in earnings and credit growth: Chinese return on assets of 0.63% compares with 1.4% for Indian banks, and Indonesian credit grew 10.39% in 2024 while Thai bank loans contracted.
Outlook risks
Margins are the common exposure. Chinese banks' 1.52% net interest margin, Korean banks' 1.70% and the 1.51% margin at Hong Kong retail banks were all set before the latest rate cuts had fully fed through. Asset quality is the second. Thailand's 6.98% stage 2 ratio, Korea's rising substandard-or-below ratio and the RBI's baseline projection of a 3.0% GNPA ratio by March 2026 all point to slow deterioration rather than stress. In Japan, where the policy rate is rising, the Bank of Japan has flagged corporate defaults above pre-pandemic levels. In Korea, the Bank of Korea has warned that lower rates could revive household debt.
What to watch
- 25 March 2025: the Bank of Japan publishes the minutes of its January 2025 Monetary Policy Meeting.
- 7 to 9 April 2025: the next meeting of the RBI Monetary Policy Committee.
- 30 June 2025: the last date for new loan disbursements under the Bank of Japan's Fund-Provisioning Measure to Stimulate Bank Lending.
- Financial year 2025: DBS plans a Capital Return dividend of 15 cents per share each quarter.
Primary sources: National Financial Regulatory Administration, 2024年商业银行主要监管指标情况表（季度） (Commercial banks: main supervisory indicators, quarterly, 2024), 21 February 2025; Bank of Korea, Monetary Policy Decision & Opening Remarks to the Press Conference (October 11, 2024), 11 October 2024; Bank of Japan, Change in the Guideline for Money Market Operations (January 24, 2025), 24 January 2025; Reserve Bank of India, Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee February 5 to 7, 2025, 7 February 2025; Reserve Bank of Australia, Statement by the Reserve Bank Board: Monetary Policy Decision (Media Release 2025-03), 18 February 2025; Bank of Korea, Monetary Policy Decision & Opening Remarks to the Press Conference (February 25, 2025), 25 February 2025; Bank Indonesia, BI-Rate Lowered 25bps to 5.75%: Maintaining Stability, Strengthening Economic Growth, 15 January 2025; Bank of Thailand, Monetary Policy Committee’s Decision 1/2025 (BOT Press Release No. 6/2025), 26 February 2025; Bank of Thailand, Banking Sector Quarterly Brief (Q4 2024 and 2024), 18 February 2025; Bank of Korea, Monetary Policy Decision & Opening Remarks to the Press Conference (November 28, 2024), 28 November 2024; Reserve Bank of Australia, Statement by the Reserve Bank Board: Monetary Policy Decision (Media Release 2024-27), 10 December 2024; Reserve Bank of India, Financial Stability Report, December 2024: Chapter II Financial Institutions: Soundness and Resilience, 30 December 2024; National Financial Regulatory Administration, 2024年商业银行主要指标分机构类情况表（季度） (Commercial banks: main indicators by type of institution, quarterly, 2024), 21 February 2025; Bank of Korea, Financial Stability Report (December 2024), 28 February 2025; Bank of Japan, Statement on Monetary Policy (December 19, 2024), 19 December 2024; Bank of Thailand, Monetary Policy Committee’s Decision (BOT Press Release No. 39/2024), 16 October 2024; Bank Negara Malaysia, Monetary Policy Statement (22 January 2025), 22 January 2025; Hong Kong Monetary Authority, Adjustment of Base Rate (19 December 2024), 19 December 2024; Monetary Authority of Singapore, MAS Monetary Policy Statement - January 2025, 24 January 2025; People's Bank of China, Announcement on Loan Prime Rate (October 21, 2024), 21 October 2024; People's Bank of China, Announcement on Loan Prime Rate (February 20, 2025), 20 February 2025; Bank Indonesia, BI-Rate held at 5.75%: Maintaining Stability, Strengthening Economic Growth, 19 February 2025; People's Bank of China, China Monetary Policy Report Q3 2024 (November 8, 2024), 8 November 2024; Reserve Bank of India, Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee December 4 to 6, 2024, 6 December 2024; Bank of Thailand, Monetary Policy Committee’s Decision (BOT Press Release No. 44/2024), 18 December 2024; People's Bank of China, PBOC Monetary Policy Committee Holds Q4 2024 Meeting, 3 January 2025; Bank of Japan, Financial System Report (October 2024), 24 October 2024; Reserve Bank of India, Statement on Developmental and Regulatory Policies (6 December 2024), 6 December 2024; Australian Prudential Regulation Authority, APRA releases quarterly authorised deposit-taking institution statistics for September 2024, 12 December 2024; Commonwealth Bank of Australia, Half year 2025 financial results news, 12 February 2025; Bank of Korea, Market Stabilization Measures for Financial and FX Markets, 4 December 2024; DBS Group Holdings, DBS full-year net profit up 11% to new high of SGD 11.4 billion, return on equity of 18.0% sustained at previous year’s record, 10 February 2025; Hong Kong Monetary Authority, Half-Yearly Monetary and Financial Stability Report, September 2024: Chapter 5 Banking sector performance, 27 September 2024.