Bank lending sees 1% growth in October

Following the 12 consecutive months of contraction.

After 12 months of declines, bank lending in Singapore registered a growth again, up 0.8% from last month and 1% from last year. According to the latest figures by the Monetary of Authority of Singapore total lending in the said month is $607.98b, up from $601.71b last year.

Loans to businesses rose 1%, mainly driven by lendings to financial insitutions which saw a 16% increase to $79.5b from $68.3b last year. Of the business segments, only the loans to agriculture, manufacturing, general commerce, and professional individuals business declined, down to $5.3b, $25.4b, $61.6b, and $9.1b, respectively.

Meanwhile, consumer loans also posted an increase at 3% to $249.5b. The spike was led by housing loans, which took a 3.6% uptrend to $190.1b.