Singapore bank lending flat in May: MAS

Loans through the domestic banking unit stood at $668 billion in May, 0.1 per cent up from $667 billion a month ago.
Loans through the domestic banking unit stood at $668 billion in May, 0.1 per cent up from $667 billion a month ago. PHOTO: ST FILE

SINGAPORE - Bank lending in Singapore was flat in May from a month ago, preliminary data from the Monetary Authority of Singapore showed on Friday (June 29).

Loans through the domestic banking unit - which captures lending in all currencies, but reflects mainly Singapore-dollar lending - stood at $668 billion in May, 0.1 per cent up from $667 billion a month ago.

That pace of growth is weaker than the 0.8 per cent increase seen in April compared to March, reflecting a slower growth in business loans. Business lending increased 0.1 per cent in May to $403 billion, compared to the 1.2 per cent pace in April.

Consumer lending in May increased 0.1 per cent to $265 billion. In April, the month-on-month increase stood at 0.3 per cent.

From a year ago, bank lending rose 5.5 per cent per cent, weaker than than the year-on-year increase of 5.7 per cent posted in April.