Singapore January bank lending dips as commerce, financial loans decline

[SINGAPORE] Total bank lending in Singapore fell in January from the previous month, as a drop in loans to general commerce and financial institutions offset increases in lending to manufacturers, central bank data showed on Friday.

Loans and advances by domestic banks in the city-state amounted to S$607.47 billion (US$447.89 billion) last month, compared with S$607.91 billion in December, according to data from the Monetary Authority of Singapore.

January bank lending grew 4.3 per cent from S$582.24 billion a year earlier.

Housing and bridging loans in January increased to S$178.27 billion from S$167.33 billion a year earlier. These loans stood at S$177.43 billion in December.

Loans and advances in non-Singapore Asian currencies (ACU) were S$553.65 billion in January, up from S$541.17 billion in December.

REUTERS