September 23, 2021

Info IEC

Business & Finance Information

Singapore bank lending ticks up in Nov after eight-month decline, Banking & Finance

Fri, Jan 01, 2021 – 5:50 AM


SINGAPORE’s bank lending inched up slightly in November to reverse an eight-month decline on continued growth in consumer loans.

Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – rose 0.2 per cent to S$676.67 billion in November, compared with S$675.64 billion in October, according to fresh data from the Monetary Authority of Singapore on Thursday.

Consumer loans extended its growth streak for the fourth straight month, up 0.4 per cent month on month to S$258.31 billion.

This was mainly lifted by housing loans, which grew 0.4 per cent to S$200.46 billion in November.

Unsecured personal loans, excluding credit cards, also increased 0.4 per cent to S$37.59 billion over the same period.

Car loans were up 0.1 per cent to S$8.34 billion, while credit card loans climbed 3 per cent to S$10.13 billion.

Loans for share financing was the only consumer lending segment that bucked the trend, tumbling 6.5 per cent month on month to S$1.79 billion in November.

Meanwhile, loans to businesses came in flat at S$418.36 billion in November to halt a seven-month contraction streak.

Loans to the single-largest business lending segment – building and construction – were flat at S$150.88 billion in November.

Loans to others grew 3.8 per cent to S$33 billion month on month, while loans to the manufacturing sector climbed 0.7 per cent to S$26.08 billion. Loans to business services also inched up 0.4 per cent to S$11.29 billion over the same period.

Loans to financial institutions, however, extended its decline for the fourth straight month in November, down 0.4 per cent to S$96.58 billion.

Loans to general commerce fell 1.1 per cent to S$63.56 billion, while loans to the transport sector also slipped 2.1 per cent to S$25.76 billion over the same period.

From a year ago, total business loans in November fell 2.7 per cent, while loans to consumers fell 1.7 per cent. Overall, total bank lending was down 2.3 per cent year on year.

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