Singapore bank lending up 5.4% in March

Thanks to sustained demand for home and corporate loans.

Bank lending in Singapore rose 5.4% YoY in March as sustained demand for home and corporate loans kept credit levels stable, according to data from the Monetary Authority of Singapore.

Also read: MAS tightening to bolster Singapore banks' performance

Loans processed through the domestic banking unit clocked in at $499.79b (SG$661.60b) YoY in March.

Also read: Singapore banks' loan growth hits 3-year high

Consumer loans rose by 5.4 % YoY to $199.25b (SG$263.77b) whilst business loans grew 5.4% YoY stood at $300.51b (SG$397.83b) in March - both representing speedier paces of growth.

Loans to financial institutions, the second biggest segment in business lending, jumped by 17.9% MoM compared to growth of 9.4% in February.

Building and construction loans - the largest segment - inched down 0.4% YoY to $92.49b (SG$122.44b). Housing and bridging loans also rose 4.4% YoY to $152.34b (SG$201.66b).