Lending fell for the 12th consecutive month.
Bank loans have fallen yet again in September, recording its 12th straight month of decline. For the past month, total loans fell S$603.4b from S$608.3b last year, the latest figures from the Monetary Authority of Singapore revealed.
This was mainly due to the 3.4% decline in loans to business services to S$355b from S$367.3b last year.
Of the business segments, only loans to buildings & construction, transport, and financial institutions saw an increase. Meanwhile, large loan declines were recorded in segments including agriculture & mining, manufacturing, and general commerce.
The dip in overall loans was partially offset by the increase in consumer loans. On back of mortgage and credit card payments, consumer loans tick up 3.1% up to S$248.4b.
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