Singapore bank lending grew in November

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 - Total bank lending in Singapore increased in November from the previous month, on the back of more loans to housing, building and construction as well as the business services sectors.

Loans and advances amounted to $608.2 billion last month, compared with S$604.4 billion in October, the Monetary Authority of Singapore said on Wednesday.

November bank lending grew 7.5 per cent from $565.8 billion a year earlier.

Housing and bridging loans in November increased to $176.2 billion from $165.9 billion a year earlier. These loans stood at $175.5 billion in October.

Loans and advances in non-Singapore Asian currencies (ACU) were $539.9 billion in November, compared with $528.2 billion in October.