Singapore bank lending flat in November

Business lending was flat at $406 billion in November from October, compared to the 0.5 per cent rise the previous month.
Business lending was flat at $406 billion in November from October, compared to the 0.5 per cent rise the previous month.PHOTO: ST FILE

SINGAPORE - Bank lending in Singapore registered flat growth in November from a month ago, reflecting weakness in business lending, preliminary data from the Monetary Authority of Singapore showed on Monday (Dec 31).

Loans through the domestic banking unit - which captures lending in all currencies, but reflects mainly Singapore-dollar lending - stood at $672 billion, unchanged from a month ago. This flat performance was weaker than the 0.3 per cent gain a month ago.

Business lending was flat at $406 billion in November from October, compared to the 0.5 per cent rise the previous month.

Total consumer loans were up 0.1 per cent to $266 billion in November, the same pace of growth registered in the previous month.

From a year ago, total lending rose 2.8 per cent, weaker than the 3.4 per cent gain posted in October.