Household loans from 5 major banks grow for 9th straight month in Jan.

▲ The file photo, taken Oct. 3, 2021, shows signs about a bank's loan programs that were put up on the exterior of a lender in Seoul. (Yonhap)

banks-household loans

Household loans from 5 major banks grow for 9th straight month in Jan.

SEOUL, Feb. 1 (Yonhap) -- Household loans extended by five major lenders in South Korea rose for the ninth consecutive month in January with the rate of increase also quickening from a month earlier, market sources said Thursday.

Household loans extended by the five top lenders here added 2.9 trillion won (US$2.17 billion) from a month earlier to 695.3 trillion won as of end-January, compared with a 2.02 trillion won on-month gain tallied last month, according to the sources.

The five banks' household loans have been on a steady rise since May 2023, when they posted an on-month increase for the first time in 18 months.

In January, the rise was led by a 4.43 trillion won increase in home-backed loans, compared with a 3.67 trillion won gain the previous month.

Credit loans dropped by 1.02 trillion won, marking an on-month decrease for a third consecutive month.

Corporate loans extended by the five leading banks --KB Kookmin, Shinhan, Hana, Woori and Nonghyup -- also continued to grow in January.

Loans extended to large businesses gained 2.5 trillion won from a month earlier to 138.9 trillion won as of end-January, with those to smaller firms adding 311 billion won, according to the market sources.

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