Singapore bank lending up 0.6% in August: MAS preliminary data

BANK lending in Singapore inched 0.6 per cent higher in August from a month ago, as continued contraction in consumer loans was offset by a rise in business loans, preliminary data from the Monetary Authority of Singapore showed on Monday.

Loans through the domestic banking unit - which captures lending in all currencies, but reflects mainly Singapore-dollar lending - stood at S$684.9 billion in August, up from S$680.7 billion a month ago.

From a year ago, total lending rose 2.2 per cent, stronger than the 2.0 per cent year-on-year gain posted in July.

Total business loans grew 1.1 per cent to S$422.7 billion in August compared with a month ago. Total consumer loans fell 0.2 per cent to S$262.1 billion in August, marking the fourth straight month of contraction.