May bank lending flat but better numbers likely in months ahead

Singapore

BANK lending growth in Singapore was flattish in May, as weaker lending activity to financial institutions partly offset a spurt in lending for trade-related activities.

But this comes amid expectations of stronger economic growth in the months ahead, which should lead to business lending picking up. 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, preliminary data from the Monetary Authority of Singapore (MAS) on Friday showed. This translates to a 0.3 per cent gain between the two months.