Business loans also grew 5.5% to $378.2b.
Total domestic loans hiked by 5.1% YoY to $634.4b in August, the Monetary Authority of Singapore (MAS) revealed.
According to MAS data, total lending to businesses increased by 5.5% from $357.3b to $378.2b.
Loans to building and construction companies continued to be the largest in the category with $120.3b, a 0.2% increase from $120.1b in 2016.
Loans to financial institutions also grew by 12.7% from $79.4b to $89.5b.
Loans to the manufacturing sector dipped 0.4% from $25.1b to $25b.
Meanwhile, consumer loans also showed growth of 3.9% from $246.5b to $256.2b.
Housing and bridging loans hiked by 4.3% from $188.3b to $196.4b this year.
Do you know more about this story? Contact us anonymously through this link.