Singapore bank lending up 5.4% in March

Thanks to sustained demand for home and corporate loans.

Bank lending in Singapore rose 5.4% YoY in March as sustained demand for home and corporate loans kept credit levels stable, according to data from the Monetary Authority of Singapore.

Loans processed through the domestic banking unit clocked in at $499.79b (SG$661.60b) YoY in March.

Consumer loans rose by 5.4 % YoY to $199.25b (SG$263.77b) whilst business loans grew 5.4% YoY stood at $300.51b (SG$397.83b) in March - both representing speedier paces of growth.

Loans to financial institutions, the second biggest segment in business lending, jumped by 17.9% MoM compared to growth of 9.4% in February.

Building and construction loans - the largest segment - inched down 0.4% YoY to $92.49b (SG$122.44b).Housing and bridging loans also rose 4.4% YoY to $152.34b (SG$201.66b).