Singapore banks' lending slipped for the third straight month in February

Total loans stood at $603.5b last month.

Domestic bank lending slipped for the third straight month in February, data released by the Monetary Authority of Singapore (MAS) showed today.

Total loans and advances from domestic banking units (DBUs) stood at $603.5 billion in February, down from $607.5b in January.

Loans to businesses slipped to $366.4b, down considerably from $370.3b in January.

Declines were recorded for loans to the building and construction, general commerce, business services, and finance sectors.

On the other hand, loans to the mining and quarrying, manufacturing, and transport sectors grew on a month on-month basis.

Consumer loans were relatively flat at $237.1b, compared to $237.2b in January.

Total bank lending has been on a downtrend since November 2014. After reaching a high of $608.2b in November, it declined to $607.9b in December and again to $607.5b in January.