Bank lending nudges higher in May: MAS

BANK lending in Singapore in May gained 0.3 per cent from the month before, preliminary data from the Monetary Authority of Singapore (MAS) on Friday showed. Loans through the domestic banking unit - which captures lending in all currencies but mainly reflects Singapore-dollar lending - stood at S$633 billion in May, up from S$631 billion in April.

Business lending rose 0.4 per cent in May to S$381 billion from a month ago, a shade weaker than the April growth.

Consumer loans inched higher by 0.2 per cent in May to S$252 billion, growing at the same pace registered in April.

From a year ago, bank lending was up 6.8 per cent.