Feb bank lending ticks up on business loans, but weaker growth ahead expected

Singapore

HIGHER business loans were the main boost to total bank lending in February amid the coronavirus outbreak that began late January, but analysts are flagging weaker growth ahead as the crisis continues to dampen business sentiment.

Business loans in Singapore were up 0.6 per cent from January to S$430.91 billion, boosted by a rise in loans to financial institutions, manufacturing, general commerce, business services as well as the transport, storage and communication sector, fresh preliminary data from the Monetary Authority of Singapore showed on Tuesday. Year on year, they were up 5.8 per cent.