Residential property loans up 7%

Housing and bridging loans rose by seven percent to $172.6 billion in July from $161.2 billion a year ago, according to the latest data from the Monetary Authority of Singapore (MAS) as reported in the media.

At the same time, credit card lending increased by 6.8 percent to $9.75 billion compared to corresponding month last year. Except for manufacturing loans and car loans, all lending to non-bank clients were higher on an annual basis.

Business loans dipped 0.27 percent quarter-on-quarter in July to $366.3 billion, while consumer loans inched up by 0.3 percent to $231.1 billion over the same time period.

In total, banks in Singapore granted $597.4 billion loans in July versus June’s $597.7 billion and $539 billion in July 2013.

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