Singapore’s monthly bank lending continues to slide

• Nov 30, 2020

SINGAPORE (THE BUSINESS TIMES) – Singapore’s bank lending in October fell for the eighth straight month on continued weakness in business loans, data from the Monetary Authority of Singapore showed on Monday.

Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – inched down 0.3 per cent to $675.64 billion in October, compared with $677.46 billion a month ago.

Loans to businesses saw the seventh straight session of contraction, down 0.7 per cent to $418.40 billion, from $421.28 billion in September. Financial institutions led the slump, with loans to the segment falling 2.4 per cent to $96.99 billion.

Loans to the single-largest business lending segment – building and construction – came in flat at $150.87 billion in October.

Consumer loans extended its growth in October, up 0.4 per cent to $257.24 billion month on month. This was largely lifted by housing loans, which climbed 0.3 per cent to $199.73 billion.

Unsecured personal loans, excluding credit cards, rose 1 per cent to $37.43 billion over the same period.

From a year ago, total business loans in October fell 2 per cent, while loans to consumers slid 2.2 per cent over the same period.

Overall, total bank lending in October was down 2 per cent year on year.

Source: https://www.straitstimes.com/business/banking/singapores-monthly-bank-lending-continues-to-slide