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Total bank lending saw slight dip in July: MAS

But overall bank loans rose 10.8 per cent on-year, aided by growth in housing and bridging loans, according to Monetary Authority of Singapore data.

SINGAPORE: Total bank lending in Singapore saw a slight dip in July, as the increase in consumer loans was offset by the decline in loans given out to businesses, according to preliminary data from the Monetary Authority of Singapore (MAS) on Friday (Aug 29).

Total bank loans for the month amounted to S$597.4 billion, down from June's S$597.7 billion. For consumer loans, it rose 0.3 per cent quarter-on-quarter in July to S$231.1 billion, but business loans slipped 0.27 per cent to S$366.3 billion over the same time period, according to the data.

Compared to a year ago, total bank lending rose 10.8 per cent in July. Housing and bridging loans grew 7 per cent to S$172.6 billion, while credit cards lending spiked 6.8 per cent to S$9.75 billion over the same period, said MAS.