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Growth in banks’ household loans slows in September

October 2, 2024

The growth of household loans extended by major banks in South Korea slowed from a month earlier in September, data showed Wednesday.

Outstanding household loans extended by the country’s top five lenders had stood at 730.9 trillion won (US$554.2 billion) as of end-September, up 5.6 trillion won from a month earlier, according to the data from the banks.

The on-month gain follows a 9.63 trillion-won spike in August, which marked the sharpest monthly increase in history.

The five banks are KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup.

The rise in home-backed loans extended by the banks also slowed to 5.91 trillion won in September from a 8.91 trillion-won surge the previous month.

Credit loans had come to 103.4 trillion won as of end-September, up 900 million won from a month earlier.