SINGAPORE – Bank lending in Singapore was flat in May from a month ago, preliminary data from the Monetary Authority of Singapore showed on Friday (June 29).
Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – stood at $668 billion in May, 0.1 per cent up from $667 billion a month ago.
That pace of growth is weaker than the 0.8 per cent increase seen in April compared to March, reflecting a slower growth in business loans. Business lending increased 0.1 per cent in May to $403 billion, compared to the 1.2 per cent pace in April.
Consumer lending in May increased 0.1 per cent to $265 billion. In April, the month-on-month increase stood at 0.3 per cent.
From a year ago, bank lending rose 5.5 per cent per cent, weaker than than the year-on-year increase of 5.7 per cent posted in April.