South Korean banks’ family debt topped 1,000 trillion received ($880 billion) in February, pushed by mortgage and residential rental loans regardless of slower progress in credit score loans.
In keeping with Financial institution of Korea (BOK) information launched on Wednesday, the excellent financial institution loans to households got here to 1,zero03.1 trillion received ($880.5 billion) in February, up 6.7 trillion received from January.
It’s the second largest improve for the month since 2004. Banks’ mortgage loans in February grew 6.four trillion received from the earlier month, reaching 733.three trillion received. The rise in lending was attributed to strong demand for home-backed lending throughout the typical spring house-moving season, the central financial institution stated. The excellent house rental loans additionally rose by 1 trillion received to three.four trillion received over the previous month.
Non-mortgage loans elevated 300 billion received final month, a big cool-down from a 2.6 trillion received rise in January.
The family debt prolonged by banks and non-banks in February grew by 9.5 trillion received final month, down by 900 billion received from a 10.four trillion received improve in January, however up by eight.5 % from a 12 months in the past.
Banks’ won-denominated company debt amounted to 995.three trillion received in February, up by eight.9 trillion received from January. The February studying is the most important improve since information compilation in June 2009.
By Minu Kim
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