Singapore bank lending shrank in October, credit card billings rose

Singapore bank lending shrank in October, credit card billings rose
Total loans and advances by banks amounted to S$601.7 billion in October, down from S$608.3 billion in September and S$613.5 billion in August.

POSTED: 30 Nov 2015 13:09

SINGAPORE: Bank lending in Singapore fell for the second straight month in October as loans to businesses declined, data from the Monetary Authority of Singapore (MAS) showed on Monday (Nov 30).

Total loans and advances by banks amounted to S$601.7 billion in October, down from S$608.3 billion in September and S$613.5 billion in August, in a sign that economic activity is slowing. Compared to a year ago, bank lending fell 0.4 per cent.

Loans to businesses fell 1.9 per cent month-on-month to S$360.2 billion in October, while consumer loans edged up 0.2 per cent to S$241.5 billion.

Meanwhile, credit card billings rose 5.6 per cent in October from a year ago to S$4.115 billion.

Banks wrote off S$28 million in bad debts, up from S$27.2 million in September and S$26.4 million a year ago.

The rate of increase in bad credit card debts – at 6.1 per cent year-on-year – was, however, much slower than the rise seen in recent months.

- CNA/cy

- wong chee tat :)