Singapore March bank lending up 13.5% from year ago

SINGAPORE (Reuters) - Total bank lending in Singapore grew 0.6 per cent in March from February as loans to financial institutions rose, central bank data showed on Wednesday.

Loans and advances by domestic banking units in the city-state amounted to $587.7 billion last month, up from $584.5 billion in February, according to the Monetary Authority of Singapore.

From a year earlier, March bank lending rose 13.5 per cent.

Housing and bridging loans expanded 7.9 percent in March to $168.9 billion from $156.6 billion a year earlier, according to the central bank data.

Loans and advances in Asian currency units (ACU) increased to $508.1 billion in March from $496.3 billion in February.

The ACU market refers to loans denominated in currencies other than the Singapore dollar.