Singapore Bank Lending Up Slightly
Bank lending in Singapore rose 0.6 percent in August from a month ago, as consumer loans contraction was offset by a rise in business loans.
The bank lending figures are according to preliminary data from the Monetary Authority of Singapore Monday. Loans through the domestic banking unit – which reflects mainly Singapore-dollar lending – stood at S$684.9 billion in August, up from S$680.7 billion a month ago.
Total lending rose 2.2 percent from a year ago, stronger than the 2.0 percent year-on-year gain posted in July.
Total business loans grew 1.1 percent to S$422.7 billion in August versus a month ago while total consumer loans fell 0.2 percent to S$262.1 billion in August, marking the fourth straight month of contraction.
