Singapore banks' lending grows in July as property loans tick up

Total loans rose to $610b.

Total loans and advances by domestic banking units (DBUs) grew to $610b in July, higher compared to $606.8b in June.

Data from the Monetary Authority of Singapore (MAS) show that the growth was partly driven by an increase in housing and bridging loans, which grew to $181.6b from $180.3b in June.

Meanwhile, loans to the construction sector grew at a more robust pace, from $116.3b in June to $117.2b in July.

There was also a notable increase in general commerce loans, which grew from $74.9b in June to $76.57b in July.