Singapore (THE BUSINESS TIMES) – Bank lending in Singapore grew 1.5 per cent in June, lifted mainly by stronger demand for business loans, data from the Monetary Authority of Singapore showed on Friday (July 30).<\/p>\n
Loans through the domestic banking unit – which captures lending in all currencies but reflects mainly Singapore-dollar lending – were up for the eighth consecutive month to $703.92 billion in June.<\/p>\n
The month-on-month loan growth of 1.5 per cent in June was the fastest since March 2018.<\/p>\n
Business loans grew at a faster pace in June, up 1.9 per cent to $436.76 billion in June compared to the 0.2 per cent increase seen in May.<\/p>\n
This came even as loans to the single largest business segment – building and construction – slipped 0.7 per cent to $151.33 billion.<\/p>\n
In particular, loans to financial institutions were up 3.6 per cent to $103.51 billion, while loans to general commerce rose 5.4 per cent to $72.60 billion in June.<\/p>\n
Year on year, total business loans were up 2.6 per cent, marking the first time in positive growth territory since July 2020.<\/p>\n
Consumer loans extended its growth streak in June, up 0.7 per cent month on month to $267.17 billion, and up 5 per cent year on year.<\/p>\n
Housing loans, which make up three-quarters of consumer lending, inched up 0.6 per cent to $206.29 billion in June.<\/p>\n
Year on year, total bank lending in June increased by 3.5 per cent, faster than the 1.2 per cent rise in May.<\/p>\n
Join ST’s Telegram channel here and get the latest breaking news delivered to you.<\/p>\n