Banks cutting Loan growth projection ■ Gross impaired loan ratio remained stable at 1.65% in Sep-Oct 16. ■ Loan growth recovered from 4.2% yoy in Sep 16 to 4.5% yoy in Oct 16. ■ We lower our projected loan growth for 2016 from 6-7% to 5.6% and introduce our loan growth forecast of 5-6% for 2017. ■ Loan application rebounded strongly with a mom growth of 14.4% in Oct 16. ■ Stay