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Loans in S. Korea to service firms post largest growth in Q4

Xinhua, March 3, 2016 Adjust font size:

Loans by South Korean financial companies to service firms posted the largest quarterly growth in the fourth quarter of last year, while those to manufacturers reduced first in two years, central bank data showed Thursday.

Loans by deposit-takers to industrial companies totaled 943.3 trillion won (776 billion U.S. dollars) as of the end of 2015, up 1.2 percent, or 11.5 trillion won, from three months earlier, according to the Bank of Korea (BOK).

The fourth-quarter increase was lower than a 20 trillion-won expansion in the third quarter, marking the lowest growth in four quarters. The deposit-takers include banks, savings banks and mutual credit companies.

Loans to manufacturers reduced 0.9 trillion won during the fourth quarter, logging the first decline in two years. Those to construction companies also dipped 2 trillion won.

Lending to service firms, however, surged 13.4 trillion won during the quarter, registering the largest quarterly growth since the BOK began compiling the data in 2008.

In the service industry, loans to real estate and rent companies increased 5.3 trillion won, while those to wholesale and retail firms, and lodging and restaurant companies grew by 2.3 trillion won.

The central bank said that overall loans reduced in the last quarter of 2015 as companies repaid debts ahead of the year-end book closing. Endit