Singapore bank lending dips in July as home loans shrink further: MAS preliminary data

BANK lending in Singapore dipped in July from a month ago on broad weakness across both business and consumer loans, preliminary data from the Monetary Authority of Singapore showed on Friday.

Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – stood at S$680.7 billion in July, compared with S$687.08 billion a month ago. 

From a year ago, total lending rose 2 per cent.

Housing loans, which account for three-quarters of consumer lending, dropped for a seventh straight month, on a month-to-month basis, declining 0.2 per cent to S$201.77 billion. 

Year on year, they were down about 0.8 per cent from S$203.88 billion a year ago.