Banks' Household Loan Growth Slows for 2nd Straight Month
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5 Articles
Banks' household loan growth slows for 2nd straight month
Household loans extended by banks grew at the slowest pace in four months, central bank data showed Wednesday, although mortgage lending appeared to be accelerating. Outstanding household loans extended by banks stood at 1,198 trillion won ($893 billion) last month, up 3.4 trillion won from a month earlier, according to data from the Bank of Korea (BOK). It marked the smallest monthly increase since April, when such loans rose by 2.1 trillion wo…
(Seoul = Yonhap News) Reporters Han Ji-hoon and Kim Ji-yeon = The growth in household loans in the banking sector narrowed for the second consecutive month last month, recording the smallest level in four months.
Unlike the slowing demand for Jeonse funds, mortgage loans continued their upward trend, widening the scale of the increase in August. This is attributed to the rise in housing transactions in the Seoul metropolitan area. According to the "August Financial Market Trends" released by the Bank of Korea on the 9th, the outstanding balance of household loans in the banking sector stood at 1,198.3 trillion won as of the end of August.
Although the growth of household loans slowed to 2.6 trillion won in August, the cumulative increase for the year has already reached last year's annual level. While credit loans have decreased, mortgage loans have actually increased due to demand for balance payment loans related to housing transactions. Financial authorities plan to continue managing the total volume of loans ahead of the autumn moving season.
The increase in household loans in the financial sector was reduced by 3.8 trillion won from the previous month.
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