Singapore bank lending turns positive in October on recovery in business loans

SINGAPORE – Bank lending in Singapore rose in October from a month ago, reversing from a slight contraction in September, preliminary data from the Monetary Authority of Singapore showed on Friday (Nov 30).

Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – stood at $672 billion, up from $670 billion a month ago. This represents a 0.3 per cent expansion from September, reversing from a 0.1 per cent fall a month ago.

Business lending was up 0.5 per cent to $406 billion in October from September, again reversing from a contraction in September over the previous month.

Total consumer loans were up 0.1 per cent to $266 billion in October, compared to the 0.2 per cent growth in the previous month.

From a year ago, total lending rose 3.4 per cent, weaker than the 4.5 per cent gain posted in September.


News Source: Link

Leave a Reply

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Opus Kinetic will use the information you provide on this form to be in touch with you and to provide updates and marketing.