Singapore banks' loan growth moderates in September

Growth was down to 9.7%.

According to Nomura, September loan growth was 9.7% y-y and 7.1% YTD (down from 15.6% yy in Aug but flattish m-m), with manufacturing moderating to 15.8% y-y (Aug: 31%) down 3.2% m-m, while general commerce moderated to 14.3% y-y (Aug: 25.4%) and 0.4% m-m, and financial services-related loans grew at 9% y-y (Aug: 10%), up 2.2% m-m.

Here's more from Nomura:

Building and construction loan growth was 15.7% y-y (Aug: 16.3%), up 1.2% m-m. Overall, loans to businesses grew by 8% y-y (Aug: 15.5%), down -0.3% m-m.

Housing andbridging loans, c.31% of system loans, seem to be stabilizing at 14.9% y-y (Aug: 15.3%), +1.1% m-m, with total consumer loan growth at 14.4% (Aug: 15.6%). Loan limit utilization was stable at 56.8% (Aug: 56.9%).

More From Singapore Business Review

• Singapore banks' loan growth moderates in September
  

• Coface Singapore appoints Fabien Conderanne as CEO, Country Manager
  

• M1 to offer iPad mini and fourth generation iPad