January 31, 2018 / 2:21 AM / a year ago

Singapore December bank lending rises 5.6 pct y/y

SINGAPORE, Jan 31 (Reuters) - Singapore’s total bank lending in December rose 5.6 percent from a year earlier, on increased lending to financial institutions and a rise in housing and bridging loans, central bank data showed on Wednesday.

Loans and advances by domestic banking units in the city-state amounted to S$651.9 ($497.06) billion last month, up from S$617.3 billion last year.

Total bank lending in December, however, fell 0.3 percent from the previous month. In November, bank lending stood at S$653.7 billion.

Singapore’s housing and bridging loans stood at S$200.2 billion in December, up from S$192.1 billion in the year-ago period. Loans to financial institutions totalled S$98.9 billion in December, up from S$80.4 billion a year ago.

Loans and advances in Asian currency units (ACU) rose to S$596.5 billion in December from S$538.2 billion last year.

The ACU market refers to loans denominated in currencies other than the Singapore dollar.

$1 = 1.3115 Singapore dollars Reporting by Fathin Ungku; Editing by Sherry Jacob-Phillips

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