The total amount of loans from Singapore banks in January rose 5.29% year-on-year to 836.281.2 million yuan, the largest increase in more than two years; on the other hand, bank loans rose slightly by 0.16%, lower than 1.90% in the previous month.

Loan data released by the Monetary Authority of Singapore on Friday (February 28) showed that business activity loans in January increased by 6.31% year-on-year to RMB 511.963.4 million, the highest increase since August 2022.

Among them, the construction industry loans rose 4.82% year-on-year to 176.227.2 million yuan, the highest increase since July 2022.

Consumer loans rose 3.71% to 324.317.8 million yuan. Housing and transitional loans increased by 2.88% year-on-year to 232.246.6 million yuan; automobile and credit card loans rose by 8.15% and 10.05% respectively.

Further reading

Interest rates drop economically, local bank loans reversed two-year declines, up 5.2% last year

Interest rates drop economically, local bank loans reversed two-year declines, up 5.2% last year

Local bank loans are expected to grow in moderate single-digit growth in 2025

Local bank loans are expected to grow in moderate single-digit growth in 2025