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S.Korea's bank household loan growth slows in January

Xinhua, February 15, 2016 Adjust font size:

Bank household loan growth in South Korea slowed in January as housing transactions declined during a winter season, central bank data showed Monday.

Outstanding loans owed by households to banks reached 641.3 trillion won (531 billion U.S. dollars) in January, up 2.2 trillion won from the previous month, according to the Bank of Korea (BOK).

The monthly growth was down from an increase of 6.9 trillion won in December last year, marking the slowest rise in 12 months.

Mortgage loans stood at 479.9 trillion won in January, up 2.8 trillion won from a month earlier. It was slower than a 6.2 trillion-won increase in the prior month.

The slower growth came as apartment transactions in the capital Seoul reduced in January, an off-season month due to cold weather. Transactions in Seoul were 6,000 in January, down from 8,000 in December.

Credit loans to households came in at 160.6 trillion won in January, down 0.6 trillion won from a month ago due to companies' payment of winter bonuses to employees.

Bank corporate loans increased 6.9 trillion won from a month earlier to 731 trillion won in January. Loans to big companies rose 3 trillion won to 167.4 trillion won, with those to small enterprises growing 4 trillion won to 563.6 trillion won. Enditem