Bank lending rose 0.6 per cent in November to $608.2 billion

Bank lending picked up pace in November thanks to mostly to an increase in loans businesses, after three straight months of flat performances. -- PHOTO: ST FILE
Bank lending picked up pace in November thanks to mostly to an increase in loans businesses, after three straight months of flat performances. -- PHOTO: ST FILE

SINGAPORE - Bank lending picked up pace in November thanks to mostly to an increase in loans businesses, after three straight months of flat performances.

Overall lending in November stood at $608.2 billion, a 0.6 per cent increase from the $604.4 billion logged in October, preliminary data from the Monetary Authority of Singapore out on Thursday showed.

Bank loans had plateaued around the $604 billion mark for the three months from August to October.

Loans to businesses rose 0.8 per cent in November compared with the previous month to $372.8 billion.

Lending to all business segments other than general commerce and financial institutions grew.

Consumer loans, meanwhile, went up by 0.4 per cent to $235.3 billion over the same period.

Housing and bridging loans, the largest single type of loan, came in at $176.2 billion, an increase of 0.4 per cent compared with the previous month.

Total bank loans in November rose by 7.5 per cent compared with the same period a year ago.