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Singapore bank lending in August inches back to growth
BANK lending in Singapore crept higher in August from a month ago after July saw the first decline since January, 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$670 billion in August, 0.4 per cent up from S$668 billion a month ago.
The growth reverses from the 0.9 per cent decline in July compared to a month ago, as business lending returned to growth. Business lending increased 0.6 per cent in August to S$405 billion. In July, business lending fell 1.4 per cent.
Consumer lending in August was flat at S$265 billion. In July, this was down 0.1 per cent on a month-on-month basis.
From a year ago, bank lending rose 5.6 per cent, stronger than the year-on-year increase of 5.5 per cent posted in July.