Singapore April bank lending rises 7% year on year

SINGAPORE (REUTERS) - Total bank lending in Singapore in April rose 7.0 per cent from a year earlier, helped by increases in loans to financial institutions as well as housing and bridging loans, central bank data showed on Wednesday.

Loans and advances by domestic banking units in the city-state amounted to S$631.2 billion in April, up from S$627.9 billion in March and S$589.8 billion in April 2016.

Loans and advances in Asian currency units (ACU) increased to S$551.4 billion in April from S$542.9 billion in March. The ACU market refers to loans denominated in currencies other than the Singapore dollar.