Singapore bank lending inched up 1.01% in August on back of higher construction loans

Total loans and advances reached $604.6b last month.

Singapore’s total bank lending inched up 1.01% month-on-month in August, as the total amount of loans and advances climbed to $604.6b compared to $597.4b in July.

Data released today by the Monetary Authority of Singapore showed that loans to businesses rose in almost all categories except for loans to business services and financial institutions, among others.

Building and constructions loans climbed to $99.4b in August compared to $96.9b in July, while manufacturing loans remained flat at over $32b.

Housing and bridging loans to consumers also rose to $173.5b, up from $172.6b in July.

On a year-on-year basis, August lending is up 1.1% from $540.8b in August 2013.