Singapore bank lending up 6.3% year on year in March

Loans and advances by domestic banking units amounted to S$627.9 billion last month.
Loans and advances by domestic banking units amounted to S$627.9 billion last month.PHOTO: ST FILE

SINGAPORE - Singapore bank loans rose 6.3 per cent in March from a year earlier, on the back of higher lending to general commerce and financial firms, central bank data showed on Friday (April 28).

Loans and advances by domestic banking units amounted to S$627.9 billion last month, rising from S$590.58 billion a year ago, according to figures from the Monetary Authority of Singapore.

Business loans increased by 8.1 per cent to S$376.58 billion in March from S$348.37 billion a year earlier. General commerce loans rose 15.5 per cent to S$65.59 billion from S$56.8 billion, while loans to financial institutions S$87.6 billion climbed 24.3 per cent from S$70.49 billion. Loans to manufacturers dipped to S$26.26 billion from S$26.97 billion a year ago.

Consumer loans edged up 0.2 per cent to S$251.37 billion from S$250.85 billion a year ago. Housing and bridging loans were slightly higher at S$193.08 billion from S$192.78 billion

Compared to the previous month, total bank lending edged up 0.08 per cent from S$627.43 billion in February.

Loans and advances in Asian currency units (ACU) rose 0.3 per cent to S$542.9 billion in March, from S$590.58 billion a year ago. The ACU market refers to loans denominated in currencies other than the Singapore dollar.