Singapore bank lending drops to seven-month low in December

Total loans and advances dropped to $600 billion.

Overall bank lending in Singapore dipped to its lowest level in over half a year in December, data from the Monetary Authority of Singapore showed.

Total loans and advances of domestic banking units to non-bank customers stood at $599.8 billion in December, down from $603.9 billion in November.

This is also the lowest lending figure since the $597 billion recorded in May 2015.

Loans to businesses dropped to $357.1 billion last month, compared to $361.6 billion in December. Business loans were dragged by a decline in general commerce loans. Loans to manufacturing, financial institutions and building and construction also declined.

Meanwhile, consumer loans inched up to $242.75 billion in December.

On a year-on-year basis, total bank lending dropped 1.3% compared to $607.2 billion in December 2014.