Growth in Singapore bank lending eases to 0.6% in July

An employee counts Singapore notes using a money-counting machine at a bank.
An employee counts Singapore notes using a money-counting machine at a bank. PHOTO: BLOOMBERG

SINGAPORE - Singapore's total bank lending rose in July over June on stronger demand for property loans and from the general commerce sector, but the rate of monthly growth eased, central bank data showed on Monday (Aug 31).

Loans and advances by domestic banks amounted to $610.4 billion last month, up 0.59 per cent from the $606.8 billion in June, according to data from the Monetary Authority of Singapore. The rise was smaller than the 1.6 per cent month-on-month growth in June, which saw a big jump in construction loans.

July bank lending grew 2.2 per cent from $597.4 billion a year earlier.

Housing and bridging loans in July increased to $181.6 billion from $180.3 billion in June. These loans totalled $172.6 billion in July 2014.

Loans and advances in non-Singapore Asian currencies (ACU) were $561.4 billion in July, up from $554.5 billion in June.