Singapore bank loans fall in July for first time in nearly five years

The Monetary Authority of Singapore. Monthly bank loans disbursed by lenders here fell for the first time in nearly five years in July as a dip in business lending dragged the numbers down. -- PHOTO: ST FILE
The Monetary Authority of Singapore. Monthly bank loans disbursed by lenders here fell for the first time in nearly five years in July as a dip in business lending dragged the numbers down. -- PHOTO: ST FILE

SINGAPORE - Monthly bank loans disbursed by lenders here fell for the first time in nearly five years in July as a dip in business lending dragged the numbers down.

Preliminary statistics released by the Monetary Authority of Singapore (MAS) on Friday showed banks loaned out a total of $597.4 billion last month.

That marks a dip of 0.05 per cent compared with the previous month, when $597.7 billion worth of loans were disbursed.

It also represents the first month-on-month decline since October 2009.

A fall in business lending led to the drop. Loans to businesses came in at $366.3 billion last month, down 0.3 per cent from the previous month's $367.3 billion.

But consumer loans continued to grow, rising 0.3 per cent to $231.1 billion.