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Singapore bank lending strongest since 2013

Singapore bank lending strongest since 2013

(31 March 2017 – Singapore) Bank lending in Singapore in February increased from the month prior at the strongest pace since November 2013, data from the city-state’s central bank shows.

The Monetary Authority of Singapore (MAS) said on Friday that lending grew 1.7 percent in February 2017 from the previous month, which was flat.

Bank loans through the domestic banking unit stood at S$627 billion (A$586 billion) in February, up from S$617 billion in January.

The major catalyst for the increase was stronger business lending, which rose 2.7 percent to S$377 billion from a month ago, with lending to building and construction firms being the biggest contributors.

Consumer loans crept slightly higher by 0.2 per cent in February to S$251 billion.

In February, year on year bank lending jumped 5.2 percent, nearly double the January figure of 2.8 percent.

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