BANK lending in Singapore fell in October from the previous month, dragged by weaker business loans, preliminary data from the Monetary Authority of Singapore (MAS) showed on Monday. It reflected a deeper contraction than that in September.
Loans through the domestic banking unit - which essentially captures lending in all currencies but mainly reflects Singapore-dollar lending - stood at S$602 billion last month, down 1.1 per cent from September, the MAS figures showed.
In September, bank lending stood at S$608 billion, down 0.8 per cent from August.
Business loans in October fell 1.9 per cent to S$360 billion from September. A month ago, it fell 1.6 per cent.
Growth in consumer lending was up 0.2 per cent at S$241 billion in October from a month ago. This was the same pace of growth seen in September.
From a year ago, bank lending in October fell 0.4 per cent. This compared to the 0.6 per cent year-on-year gain posted in September.