Singapore bank lending at more than two-year high

Bank lending in Singapore has increased to SGD 819.4 billion in November from SGD 813.1 billion in October, data by the Monetary Authority of Singapore showed.

It has been the highest lending figure since October 2022.

Lending to both businesses (SGD 496.6 billion up from SGD 491.7 billion in October) and consumers (SGD 322.7 billion up from SGD 321.3 billion in October) increased, the data showed.

Within the corporate segment, lending rose for:

– building and construction (SGD 176.6 billion up from SGD 173.9 billion in October);
– general commerce (SGD 86.1 billion up from SGD 85.5 billion in October);
– transport, storage and communications (SGD 41.1 billion up from SGD 40.0 billion in October).

Within the consumer segment, lending rose for housing and bridging (SGD 231 billion up from SGD 230.2 billion in October).