Singapore June bank lending up 1.6% over May to 5-month high on construction loans

Singapore's total bank lending in June hit a five-month high on a rise in loans to the building and construction sector.
Singapore's total bank lending in June hit a five-month high on a rise in loans to the building and construction sector.ST PHOTO: MATTHIAS HO

SINGAPORE (REUTERS) - Singapore's total bank lending in June hit a five-month high on a rise in loans to the building and construction sector, as well as general commerce, central bank data showed on Friday.

Loans and advances by domestic banks rose 1.6 per cent to $606.8 billion last month, the highest since January, from $597.0 billion in May, according to data from the Monetary Authority of Singapore.

June bank lending grew 1.5 per cent from $597.8 billion a year earlier.

Housing and bridging loans in June increased 5.0 per cent to $180.3 billion from $171.8 billion a year earlier. These loans totalled at $179.4 billion in May.

Loans and advances in non-Singapore Asian currencies (ACU) were $554.5 billion in June, down from $555.7 billion in May.