31 Jul '18, 2am

Singapore bank lending up 0.8% in June from May

SINGAPORE - Bank lending in Singapore rose at its fastest pace from a year ago since November, driven by a sharp increase in business loans, preliminary data from the Monetary Authority of Singapore showed on Tuesday (July 31). Loans through the domestic banking unit - which captures lending in all currencies, but reflects mainly Singapore-dollar lending - stood at $673 billion in June, up 5.9 per cent from a year ago. "This beat our expectation for a moderation in June," said Selena Ling, head of treasury research and strategy at OCBC, noting the strong loan momentum to financial institutions, business services, building and construction, as well as general commerce. Indeed, even the transport and storage sectors - which would include oil-and-gas companies - saw loans growth recover to grow 0.8 per cent year-on-year in June, reversing from a 0.8 per cent year-on-year cont...

Full article: https://www.straitstimes.com/business/economy/singapore-b...

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