Singapore's domestic bank loans up 5.1% to US$465b in August

Business loans also grew 5.5% to US$277b.

Total domestic loans hiked by 5.1% YoY to US$465b (S$634.4b) in August, the Monetary Authority of Singapore (MAS) revealed.

According to MAS data, total lending to businesses increased by 5.5% from US$262b (S$357.3b) to US$277b (S$378.2b).

Loans to building and construction companies continued to be the largest in the category with S$120.3b, a 0.2% increase from S$120.1b in 2016.

Loans to financial institutions also grew by 12.7% from S$79.4b to S$89.5b.

Loans to the manufacturing sector dipped 0.4% from S$25.1b to S$25b.

Meanwhile, consumer loans also showed growth of 3.9% from S$246.5b to S$256.2b.

Housing and bridging loans hiked by 4.3% from S$188.3b to S$196.4b this year.