Sharp fall in lending in April casts doubt on S'pore banks' loan target

Singapore

GROWTH in lending by Singapore banks this year may just skim, or miss their expectations of at least 5 per cent rise, judging from the dismal loan figures for April, and those from months before.

Bank lending in April fell for the fifth straight month, and more compared to a month earlier. Business lending was down sharply - with this level of contraction last seen during the global financial crisis - and consumer loans dipped for the first time since April 2006.