Singapore bank lending returns to growth in Oct: MAS preliminary data

BANK lending in Singapore rose in October from a month ago, reversing from a slight contraction in September, preliminary data from the Monetary Authority of Singapore showed on Friday.

Loans through the domestic banking unit - which captures lending in all currencies, but reflects mainly Singapore-dollar lending - stood at S$672 billion, up from S$670 billion a month ago. This represents a 0.3 per cent expansion from September, reversing from a 0.1 per cent fall a month ago.

Business lending was up 0.5 per cent to S$406 billion in October from September, again reversing from a contraction in September over the previous month.

Total consumer loans were up 0.1 per cent to S$266 billion in October, compared to the 0.2 per cent growth in the previous month.

From a year ago, total lending rose 3.4 per cent, weaker than the 4.5 per cent gain posted in September.