Singapore bank lending down 0.1% in March: MAS preliminary data

BANK lending in Singapore dipped 0.1 per cent in March from a month ago, as a fall in consumer loans more than offset a rise in business loans, preliminary data from the Monetary Authority of Singapore showed on Thursday. 

Loans through the domestic banking unit - which captures lending in all currencies, but reflects mainly Singapore-dollar lending - stood at S$692.4 billion in March, down from S$692.8 billion in February. Compared to a year ago, total lending rose 2.4 per cent. 

Total consumer loans fell 1.4 per cent to S$258.2 billion in March, on the back of broad weakness across all segments amid the Covid-19 fallout.  

Total business loans rose 0.8 per cent to S$434.2 billion in March from a month ago.