The increase was boosted by business loans and consumer loans which increased 13.8% and 18.7% respectively.
According to OCBC, January bank loans increased 1.9% mom. On a month-on-month basis, business loans and consumer loans increased 2.3% and 1.3% respectively.
Business loans was driven by general commerce (+5.2% mom), whereas the building & construction segment slowed for the second straight month (-0.1% mom).
For consumer loans, housing/bridging loans continued to accelerate from 22.9% to 23.0% yoy (+2% mom) in Jan, suggesting that the impact of property curbs had not began to bite for loans yet.