System loans rose 0.8% mom in Feb 22 as domestic loan drawdowns more than offset the regional contraction. Wholesale trade was a key driving force. Deposits rose 1.1% mom in Feb 22; inflows were mostly FCY deposits by residents in Singapore. CASA growth was steady. FD placements slowed. Reiterate Overweight. Unabating inflation prompting 50bp hikes in the US federal funds rate (FFR) is a key upside catalyst for Singapore banks.