Bank lending in Singapore inches up 1.1% in August

It expanded at the same pace it did in July.

Bank lending has been in expansion for two months now, with both business and consumer loans creeping up from their records in July.

According to the latest data by the Monetary Authority of Singapore, overall bank lending jumped 1.1% in August, from $597 billion to $604 billion.

The data revealed that consumer loans eases up 0.4% in August to $247 billion, with housing loans constituting the bulk of the lendings.

Meanwhile, loans to businesses rose 1.6%, from $352 billion in July to $357 in August.

Bank lending in building and construction, general commerce, transport & communication, business services, and finance sectors rose in the said month while loans across agriculture, manufacturing, and professional individuals dipped slightly.

On a yearly basis, loans dipped 1.6% from $613 billion. This is an improvement from the 2.2% YoY slip in July.