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Banks’ household loan growth accelerates in Sept.

South Korean banks’ family loans grew at a sooner tempo in September from a month earlier regardless of the federal government’s toughened controls on lending, central financial institution knowledge confirmed Wednesday.
In response to the Financial institution of Korea (BOK), excellent financial institution loans to households got here to 1,052.7 trillion gained ($877.9 billion) as of the top of September, up 6.5 trillion gained from the earlier month.

The determine is increased than a 6.1 trillion-won enhance registered in August, the information confirmed. The studying additionally marked the second-largest on-month enlargement for September since related knowledge started to be compiled in 2004.

The rise is attributable to an increase in banks’ unsecured and different non-mortgage loans, which grew 800 billion gained from the earlier month, the information confirmed.

Mortgage loans stood at 769.8 trillion gained in September, up 5.7 trillion gained from the earlier month. The determine was barely down from a 5.8 trillion-won enhance tallied a month earlier.

The rise in September family loans got here regardless of the federal government’s toughened laws on lending amid worries that family money owed might spiral uncontrolled and undercut financial development.

On Tuesday, the BOK stored its coverage price unchanged at 0.75 p.c for October however hinted at one other price hike earlier than the top of this yr following 1 / 4 percentage-point enhance in August in a bid to rein in inflation and family money owed.

In the meantime, banks’ lending to companies got here to 1,049 trillion gained as of end-September, up 7.7 trillion gained from a month earlier. The expansion was barely decrease than 7.9 trillion gained tallied in August. (Yonhap)

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