Bank lending rises 0.5% in November from October, but home loans continue to fall

Loans through the domestic banking unit came in at $692.73 billion. PHOTO: ST FILE

SINGAPORE - Bank lending rose slightly in November although housing loans continued to slide, according to data out on Tuesday (Dec 31).

Loans through the domestic banking unit, which captures lending in all currencies but reflects mainly Singapore-dollar lending, came in at $692.73 billion.

That was 0.5 per cent above the $689.42 billion in October.

Total borrowing rose 3.1 per cent over the same month last year, according to preliminary Monetary Authority of Singapore figures.

Loans to nearly all business segments rose, including building and construction, general commerce, business services, financial institutions and transport, storage and communication.

Business lending hit $429.78 billion, up 6 per cent from the $405.6 billion in November last year and 0.7 per cent ahead of October.

But loans to manufacturing businesses and the agriculture, mining and quarrying sector declined.

Manufacturing lending slipped from $26.93 billion in October to $26.86 billion in November.

Lending to agriculture, mining and quarrying businesses also dipped, falling from $2.61 billion in October to $2.44 billion in November.

Consumer loans edged up slightly in November compared with October, at $262.95 billion, but were down 1.3 per cent year-on-year.

Housing and bridging loans continued to decline, slipping 0.1 per cent from October to November.

Lending for this segment stood at $200.94 billion in November, 1.5 per cent lower than from a year earlier.


Join ST's Telegram channel and get the latest breaking news delivered to you.