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.