SINGAPORE (THE BUSINESS TIMES) – Bank lending in Singapore rose 0.2 per cent in May as business loans pick up and loans to consumers hold steady, data from the Monetary Authority of Singapore showed on Wednesday (JUNE 30).

Loans through the domestic banking unit – which captures lending in all currencies but reflects mainly Singapore-dollar lending – were up for the seventh consecutive month to $693.72 billion in May.

Business loans ticked up 0.2 per cent month on month to $428.48 billion in May after a flattish performance in April.

Loans to the single largest business segment – building and construction – inched up 0.1 per cent for the second straight month to $152.37 billion, while loans to manufacturing rose 5.1 per cent to $28.26 billion to reverse the 3.4 per cent decline in April.

Year on year, total business loans contracted for the ninth straight month by 0.5 per cent.

Consumer loans continued its growth streak in May, up 0.3 per cent for the 10th straight month to $265.25 billion.

Year on year, total consumer loans were up 4.2 per cent.

Overall, total bank lending in May increased by 1.2 per cent year on year, faster than the 0.4 per cent rise in April.