On the back of higher loans in the building and construction sector as well as general commerce, Singapore’s total bank lending rose to a five-month high in June, revealed latest data from the Monetary Authority of Singapore (MAS).
The data released last Friday shows that total loans and advances by domestic banks increased 1.6 percent to $606.8 billion last month, the highest since January and from $597 billion in May. Bank lending in June also grew 1.5 percent compared to a year ago at $597.8 billion.
Housing and bridging loans increased 0.5 percent from $179.4 billion in May to $180.3 billion in June. The loans amounted to $171.8 billion in the same period last year.
Total consumer loans rose 0.6 percent month-on-month to $238.8 billion, while credit card loans rose 1.0 percent from $9.64 billion in May to $9.74 billion in June.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
