Singapore bank lending up 0.6% in March: MAS preliminary data

BANK lending in Singapore inched 0.6 per cent higher in March from a month ago, as continued contraction in consumer loans was offset by a touch of strength in business lending, preliminary data from the Monetary Authority of Singapore (MAS) showed on Tuesday.

Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – stood at S$676 billion in March, compared with S$672 billion a month ago.

From a year ago, total lending in March rose 2.2 per cent, weaker than the 3.3 per cent year-on-year gains posted in February.