Bank loans up 6.3% in Mar 17 – 29 Apr 2017

  • Singapore bank loans rose 6.3% in Mar 17 from a year earlier, on the back of stronger lending to businesses, especially firms in the business service, general commerce and logistics sectors, central bank data showed 28 Apr 17.
  • Loans and advances by domestic banking units amounted to SGD627.9bn in Mar 17, rising from SGD590.58bn in Mar 16, according to figures from the Monetary Authority of Singapore.
  • Business loans increased by 8.1% to SGD376.58bn in Mar 17 from SGD348.37bn in Mar 16.
  • Much of that rise in activity appeared to have been in the business service sector. Loans to the industry soared 21.6% y/y to SGD8.45bn in Mar 17.
  • Loans to the general commerce sector also rose at a rapid clip, up 15.5% from a year ago to SGD65.59bn in Mar 17.
  • Loans to the transport, storage and communication sector grew at a robust 12% y/y, to reach SGD21.6bn in Mar 17.
  • Loans to financial institutions meanwhile climbed 24.3% to SGD87.6bn in Mar 17 and loans to the building and construction industry grew 2.5% y/y to SGD123bn.
  • Loans to manufacturers, however, dipped 2.6% to SGD26.3bn. Consumer loans edged up 0.2% y/y to SGD251.37bn in Mar 17.
  • Total bank lending for Mar 17 was little changed from Feb 17, when it was SGD627.43bn.

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