Chart of the Day: Almost everything is going south for Singapore’s plummeting bank loans

Total loans and advances contracted by 0.4%.

It’s hard to find any upside in bank lending in the city-state this October, after banks failed to resuscitate loans amid a painstakingly choppy economic environment.

According to analysts from OCBC, only consumer loans managed a sliver of positive growth at 3.0%, but it’s still the lowest growth since Feb 2007.

Aside from consumer loans, everything else had been bleak, according to OCBC, headlined by declines in loans to businesses, general commerce, and manufacturing.

“This similar pale note may have well been iterated previously, especially with higher NPL ratio amongst Singapore banks, which rose 1.5% in 3Q15,” OCBC said.

Meanwhile, OCBC adds that atrocious loans have also risen in the manufacturing sector, while banks with exposure to trade may see higher credit risks.