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Total bank lending in Singapore up 17% on-year

Total bank lending in Singapore in December was up by some 1.5 per cent on-month to S$574.2 billion, according to data from the Monetary Authority of Singapore. Compared to the previous year, total bank lending rose 17 per cent.

SINGAPORE: Total bank lending in Singapore in December was up by some 1.5 per cent on-month to S$574.2 billion, according to data from the Monetary Authority of Singapore.

Compared to the previous year, total bank lending rose 17 per cent.

The increase was mainly driven by higher loans to businesses including general commerce, transport storage and communication, business services and financial institutions.

Total loans to business rose by about 2.3 per cent last month from November at around S$349.2 billion.

Meanwhile, consumer loans inched up by 0.3 per cent on-month in December to nearly S$225 billion.

Housing and bridging loans were up about 0.4 per cent at about S$166.5 billion.

But car loans declined 1.8 per cent in December to some S$10.7 billion.

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