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S. Korean banks' household loans grow for 2 months in May

SEOUL
2022-06-10 13:23

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SEOUL, June 10 (Xinhua) -- South Korean banks' household loans continued to grow for two months in May as local banks eased lending standards, central bank data showed Friday.

Loans, extended by deposit-taking banks to households, stood at 1,060.6 trillion won (838 billion U.S. dollars) at the end of May, up 400 billion won (316 million dollars) from a month earlier, according to the Bank of Korea (BOK).

The bank loan kept falling for the fourth straight month through March amid the higher policy rate, but it rebounded in April and May amid the moderated loan standard.

To counter runaway inflation, the BOK adopted a tightening monetary policy since August last year, raising its policy rate five times by a quarter percentage point each to 1.75 percent in May.

Mortgage loans to households went up to 787.6 trillion won (622.3 billion dollars) in the cited month, but credit loans kept sliding for the sixth consecutive month since December last year.
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