Singapore October bank lending up 1.4%: MAS

SINGAPORE’S total bank lending in October climbed 1.4 per cent from September, on the back of higher loans to financial institutions.

Total domestic banking unit loans amounted to S$649.56 billion last month, up from S$640.68 billion in September, preliminary figures from the Monetary Authority of Singapore showed on Thursday.

Bank loans in October were up 6.8 per cent from a year earlier.

Business loans rose 1.9 per cent from the previous month to S$390.7 billion, with lending to financial institutions up 8.1 per cent to S$99.81 billion. Loans to manufacturers were a drag, dropping 4,1 per cent to S$25.44 billion.

Consumer loans was up by just 0.6 per cent to S$258.86 billion, supported by modest rises in housing loans, credit card debt and car loans.