SINGAPORE (BUSINESS TIMEBank lending in Singapore surged 0.2% in May as business loans surged and consumer loans remained stable, data from the Monetary Authority of Singapore showed on Wednesday (June 30).
Loans through the domestic banking division, which covers lending in all currencies but mainly reflects lending in Singapore dollars, rose for the seventh straight month to $ 693.72 billion last month.
Business loans rose 0.2% month-on-month to $ 428.48 billion in May after a steady rise in April.
Loans to the largest business segment – construction and construction – rose 0.1% for the second straight month to $ 152.37 billion, while loans to the manufacturing sector rose 5.1% to $ 28.26 billion to reverse the downturn by 3.4% in April.
On an annualized basis, total business loans declined 0.5% for the ninth straight month.
Consumer loans continued to rise in May, rising 0.3% for the 10th straight month to $ 265.25 billion.
On an annualized basis, the total volume of consumer loans increased by 4.2%.
Overall, total bank loans rose 1.2 percent year-on-year last month, faster than the 0.4 percent rise in April.