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Mon, Nov 30, 2020 – 10:42 am
SINGAPORE’s bank lending in October fell for the eighth month in a row on continued weakness in commercial lending, data from the Monetary Authority of Singapore showed on Monday.
Lending through the national banking unit, which captures lending in all currencies but primarily reflects lending in Singapore dollars, fell 0.3 percent to S $ 675.64 billion in October, compared to S $ 677.460. million Singaporean dollars a month ago.
Lending to businesses experienced the seventh consecutive session of contraction, falling 0.7 percent to S $ 418.40 billion, from S $ 421.28 billion in September. Financial institutions led the decline, with loans to the segment falling 2.4 percent to S $ 96.99 billion.
Loans for the largest commercial loan segment, building and construction, were unchanged at S $ 150.87 billion in October.
Consumer loans extended their growth in October, up 0.4 percent to S $ 257.24 billion month-over-month. This figure was largely outpaced by home loans, which rose 0.3% to S $ 199.73 billion.
Unsecured personal loans, excluding credit cards, increased 1 percent to S $ 37.43 billion over the same period.
Compared to the previous year, total business loans in October fell 2 percent, while consumer loans fell 2.2 percent over the same period.
Overall, total bank loans in October were down 2 percent year-on-year.
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