Bank lending up 15.4% in August over last year
TOTAL bank lending, regarded as a key indicator of economic activity, grew 15.4 per cent to $540.8 billion in August compared with the same month last year.
This is the fourth consecutive month of year-on-year slowing growth in bank loans. Loans rose 17.6 per cent to $539 billion in July over last year, down slightly from June's 17.7 per cent growth.
According to preliminary figures released by the Monetary Authority of Singapore on Monday, business loans came in at $321.2 billion, up 17.4 per cent compared with August last year, while loans to consumers grew 12.5 per cent to $219.6 billion.
Month-on-month, total loans grew 0.3 per cent from July.