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Singapore bank lending in Feb grows at strongest pace since Nov 2013: MAS

Friday, March 31, 2017 - 10:31

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Bank lending in Singapore in February gained from the month before at the strongest pace since November 2013, preliminary data from the Monetary Authority of Singapore on Friday showed.

BANK lending in Singapore in February gained from the month before at the strongest pace since November 2013, preliminary data from the Monetary Authority of Singapore on Friday showed.

Bank lending grew 1.7 per cent in February 2017 from a month ago, compared to the flat growth in January. Loans through the domestic banking unit - which captures lending in all currencies but mainly reflects Singapore-dollar lending - stood at S$627 billion in February, up from S$617 billion in January.

The lift was mainly from stronger business lending, which rose 2.7 per cent to S$377 billion from a month ago, compared to the flat growth in January.

The boost came from stronger lending to building and construction firms.

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Consumer loans inched higher by 0.2 per cent in February to S$251 billion, again compared to flat growth in January.

From a year ago, bank lending surged 5.2 per cent, significantly stronger than the 2.8 per cent gain in January.

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