Bank lending in October up 3.41% to $671.74b

Business loans grew by 3.35% due to a steep 10.53% climb in building and construction loans.

Singapore bank lending increased 3.41% YoY to $671.74b in October 2018 from $649.56b in the same period last year, the Monetary Authority of Singapore (MAS) revealed.

According to preliminary data, loans to businesses grew 3.35% from $390.70b to $405.78b, led by increases in building and construction (10.53% to $113.11b), business services (8.43% $9.71b), and financial institutions (1.1% to $100.83b).

The increases in business loans were offset by the 5.06% decline in lending for general commerce from $69.95b to $66.41b.

Meanwhile, consumer loans sharply grew by 2.74% from $258.86b to $265.96b. Housing loands also rose 3.02% from $197.88b to $203.87b.