Jul 01, 2015

    S'pore bank loans up for first time in 4 months

    SINGAPORE'S total bank lending grew in May for the first time in four months on stronger demand for credit for general commerce and financial institutions, central bank data showed yesterday.

    Loans and advances by domestic banks in the city-state amounted to $597 billion in May, compared with $594.3 billion in April, according to data from the Monetary Authority of Singapore. That marked the first monthly growth since January.

    May's bank lending dipped 0.1 per cent from $597.5 billion a year earlier.

    Housing and bridging loans in May rose to $179.4 billion from $170.7 billion a year earlier. These loans totalled $179.3 billion in April.

    Loans and advances in non-Singapore Asian currencies were $555.7 billion in May, up from $549.2 billion in April.