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Singapore bank lending drops 0.9% in March as business loans slip

Singapore Business Review

Business loans dropped 1.6%.

Loan growth in Singapore continued to contract in March. Preliminary data from the central bank show that bank lending dropped 0.9% month-on-month to $591 billion in March, extending the 0.7% decline in February.

Loans to businesses dropped 1.6% to $348 billion, while consumer lending stayed flat at 0.3%.

Bank lending fell 1.8% on a year-on-year basis, a steeper decline compared to 1.2% in February.



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