Singapore bank lending declines further in October

Singapore's total bank lending fell for the second consecutive month in October as loans to general commerce and financial institutions decline, data from the Monetary Authority of Singapore (MAS) revealed Monday (30 November).

According to MAS, loans and advances by domestic banks in the city-state amounted to S$601.7 billion last month, down from S$608.3 billion in September and S$613.5 billion in August, amid slowing economic activity. Bank lending also fell 0.4 percent year on year.

Loans to businesses fell 1.9 percent month-on-month to S$360.2 billion in October, while consumer loans increased 0.2 percent to S$241.5 billion.

Meanwhile, Housing and bridging loans in October rose to S$183.6 billion from S$182.9 billion in September. These loans edged up 4.6 percent from a the S$175.5 billion total in October last year.

Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories emailnikki@propertyguru.com.sg

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