Singapore bank lending up 0.7% in October

Bank lending rose 0.7 per cent in October from September, reversing a slight month-on-month contraction in September, preliminary Monetary Authority of Singapore data showed yesterday.

Loans through the domestic banking unit stood at $689.42 billion last month, compared with $684.48 billion in September.

Total lending rose 2.6 per cent from October last year.

Business loans last month rose 1.1 per cent from September to $426.76 billion on the back of more lending to financial institutions.

Loans to firms in manufacturing, construction, transport, storage and communication and business services all declined.

Business lending was up 5.2 per cent from $405.78 billion in October last year.

  • $689.42b

    Loans through the domestic banking unit in October, compared with $684.48 billion in September.

Consumer loans stayed roughly the same - $262.65 billion in October versus $262.48 billion in September. Year on year, they were 1.2 per cent lower than the $265.96 billion taken out in October last year.

Housing and bridging loans extended their slow slide to $201.09 billion, 0.1 per cent less than in September and 1.4 per cent down on a year earlier.

A version of this article appeared in the print edition of The Straits Times on November 30, 2019, with the headline 'Singapore bank lending up 0.7% in October'. Print Edition | Subscribe