Bank lending rises in Singapore in February

Standard Chartered and DBS outlets in Bedok Central.
Standard Chartered and DBS outlets in Bedok Central.PHOTO: ST FILE

SINGAPORE - Lending by Singapore banks gained in February from the previous month, its strongest pace since November 2013 on the back of stronger lending to building and construction firms.

Data from the Monetary Authority of Singapore showed that lending grew 1.7 per cent in February compared to flat growth in January.

Loans through the domestic banking unit stood at S$627 billion up from S$617 billion in January. The lift was mainly from stronger business lending, which rose 2.7 per cent to S$377 billion from a month ago.

Consumer loans inched higher by 0.2 per cent in February to S$251 billion, again compared to flat growth in January.

From a year ago, bank lending surged 5.2 per cent, significantly stronger than the 2.8 per cent gain in January.