Growth of bank household loans slows in September

Household loans extended by South Korean banks grew at a slower pace in September than the previous month, the central bank said Tuesday.

Household lending by banks reached 540.5 trillion won (approximately US$507.7 billion) as of the end of September, up 3.7 trillion won from a month earlier, according to the Bank of Korea (BOK).

The on-month rise was smaller than a 16-month high of 4.6 trillion won tallied in August, the BOK said.

BOK officials said that the growth of home-backed loans by banks slowed in September as mortgage loans, the main culprit behind a surge in household lending in August, decreased.

Park Sae-jin swatchsjp@ajunews.com

Growth of bank household loans slows in September

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