Singapore bank lending grows at faster pace, up 1.1% in December over November

ATMs of OCBC, DBS, Citibank and UOB located at the passenger departure hall of Changi Airport Terminal 3.
ATMs of OCBC, DBS, Citibank and UOB located at the passenger departure hall of Changi Airport Terminal 3. PHOTO: ST FILE

SINGAPORE - Bank lending in Singapore rose 1.1 per cent in December from a month ago, at a faster pace than the 0.4 per cent growth seen in November, as both business and consumer loans grew.

Loans through the domestic banking unit - which captures lending in all currencies but mainly reflects Singapore-dollar lending - stood at S$617.35 billion in December, up from S$610.62 billion in November.

The stronger performance was led by a 1.1 per cent month on month growth in business loans to S$367.01 billion, which expanded in every segment except for lending to individuals, preliminary data from the Monetary Authority of Singapore on Monday (Jan 31) showed.

Loans to manufacturers rose the the most - 3.7 per cent over November to S$26.23 billion. Loans to the building & construction industry grew 1.6 per cent to S$121.39 billion. Lending also rose 1 per cent to S$80.31 billion for the finance industry, 0.9 per cent to S$64 billion for the general commerce industry and 2.5 per cent to S$21 billion for the transport, storage & communication industry,

Consumer loans grew 0.3 per cent month on month to S$250.34 billion, mostly due to a 0.5 per cent rise in housing and bridging loans to S$191.2 billion.

From a year ago, bank lending in December was up 2.8 per cent compared to S$599.76 billion in December 2015.