Chart of the Day: Bank lending expands 3.5% in March

Demand for business loans accelerated to 7.2%.

Singapore bank lending saw an uptrend in March, accelerating from a 3.5% advance in the previous month to 5.8%.

Citing MAS, RHB said this is due to the stronger growth in corporate and consumer loans.

Meanwhile, loan demand from businesses accelerated to 7.2% YoY in March. This was on account of a turnaround in loans extended to the manufacturing cluster. It was aided by a pick up in financial institution, general commerce, transport, business services, and professional loans.

Consumer loans also recorded gains, up 2.2% in March. Housing & bridging loans increased at slightly faster pace, while professional & private individual loans contracted at a slower pace