Chart of the Day: Better days for Singapore banks as loan growth improves

It grew by 1.5% compared to last month.

Singapore’s banks seem like they are up for sunnier results, as total bank loans growth grew for the second straight month.

However, according to analysts from OCBC, the growth seem to be slower compared to last month, as several types of loans decelerated.

“Business loans decelerated from +1.1% yoy to 0.2% yoy (+0.8% mom) as general commerce and manufacturing loans contracted further yoy and building/construction and transport/storage loan momentum also eased yoy,” OCBC said.

“Consumer loans also slowed slightly from +3.9% yoy in Jul to +3.4% yoy (+0.05% mom) in Aug, tracking the slowdown in housing/bridging loans at +4.9% yoy (+0.6% mom) from 5.2% yoy previously,” OCBC added.

Meanwhile, this brought average growth to 1.9% for the first eight months of 2015.