Singapore’s Bank is witnessing steady growth amid growing uncertainty. According to the central bank data showed on Monday, the total bank lending of Singapore rose 1.6 percent from February. The rise in the bank lending is a result of increased lending to financial institutions and home buyers.
Compared to the previous year, the bank lending in Singapore has risen by 5.4%, which is faster than the 3.5 percent growth in February. The preliminary data released by the Monetary Authority of Singapore (MAS) contained information about the domestic banking unit which even though tracks lending in all of the currencies but it mainly reflects the lending in Singapore dollar. Loans and advances through the domestic banking units in Singapore stood at S$661.60 billion in March as compared to S$627.95 billion in March 2017.
Compared to March 2018, Singapore’s bank lending grew 1.6% from February 2018’s S$650.93 billion bank lending. At S$397.83 billion, the business loans rose by 5.4% in March as compared to the 2.9% growth seen a month ago.
In March 2018, the lending by Asian currency units (ACU) fell slightly at S$613.5 billion from February 2018’s S$617.6 billion loans and advances.
The largest category, i.e., housing and bridging loans continued to expand, rising by 4.4 percent to S$201.66 billion from last year. It is almost comparable to the growth witnessed a month ago.
Consumer loans rose by 5.4% to S$263.77 billion which was a bit better as compared to the 5.2% growth seen a month ago.
The most significant segment, building and construction loans, dropped by 0.4% to S$122.44 billion from last year.
The second largest segment in business lending which is loans to financial institutions rose by 17.9% as compared to the 9.4% growth in February.