Singapore May bank lending grows for first time since Jan

Total bank lending in Singapore in May grew for the first time in four months.
Total bank lending in Singapore in May grew for the first time in four months. PHOTO: BLOOMBERG

SINGAPORE (Reuters) - Singapore's total bank lending grew in May for the first time in four months on stronger demand for credit for general commerce and financial institutions, central bank data showed on Tuesday.

Loans and advances by domestic banks in the city-state amounted to $597.0 billion last month, compared with $594.3 billion in April, according to data from the Monetary Authority of Singapore. That marked the first monthly growth since January.

May bank lending dipped 0.1 percent from $597.5 billion a year earlier.

Housing and bridging loans in May rose to $179.4 billion from $170.7 billion a year earlier. These loans totalled at $179.3 billion in April.

Loans and advances in non-Singapore Asian currencies (ACU) were $555.7 billion in May, up from $549.2 billion in April.