ICEC

Singapore Bank Lending Rises 1.5% In March

Total bank lending in Singapore rose 1.5 percent in March from February, central bank data showed on Monday.

Bank lending in the city-state was S$432.6 billion ($349.29 billion) last month, up from S$426.4 billion in February. Bank lending rose 26 percent in March from a year earlier.

Housing loans to consumers rose to S$134.8 billion in March from S$133.8 billion in February.

Singapore banks have seen strong loan growth in recent months, helped by market share gains in areas such as trade finance as European banks reduce their emerging markets exposure.

DBS CEO Piyush Gupta said on Friday the bank’s loans growth is likely to slow to the “low teens” this year from last year’s 28 percent rise, Reuters reported.

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