Bank lending up 7% to $631.2b in April

Thanks to higher loans to financial institutions and general commerce.

Singapore's bank lending grew 7% in April, recording total loans of up to $631.2b.

Figures from the Monetary Authority of Singapore showed that this was due to higher loans for general commerce and financial institutions. The loans to the said sectors rose from $55.6b to $65.2b and from $70.3b to $90.1b, respectively. Loans to agriculture and manufacturing went down in the said month, clocking in at $4.5b and $25.7b, respectively.

This brings total loans to businesses to $379.4b, up from $346.6b a year ago.

Meanwhile, loans to consumers also registered a significant 3.6% increase to $251.8b, backed by strong growth in housing loans. The said loans grew from $185.9m to $193.6m in April.