Household Loans at Major South Korean Banks Decline for First Time Since March
2 sources · South Korea · 1 of them is linked to a state
Who reported this
- Yonhap
- The Korea Herald
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
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Every source for this story reports from South Korea.
Household loans at five major South Korean lenders fell in September for the first time in six months. According to data compiled by KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NH NongHyup Bank, outstanding household loans stood at 781.39 trillion won, which is approximately 580.49 billion US dollars, as of Thursday. This represents a decrease of 727.6 billion won from the end of August.
Outstanding mortgage loans also saw a decline, falling to 620.5 trillion won from 621.2 trillion won at the end of August. Industry officials noted that this decline occurred even though the government relaxed the cap on household loans, as banks continued to maintain self imposed loan restrictions to manage rapid borrowing.
Financial authorities have provided additional quotas to the five major lenders, increasing their annual household loan growth target for this year to 7.1 trillion won from a 2025 target of 4.3 trillion won. A local bank official stated that mortgage growth is likely to regain momentum once loan supply resumes through collective lending. However, data shows that outstanding household loans maintained an uptrend when policy loans were excluded, increasing by 108.7 billion won from the end of last month.
How each side framed it
- Centre
- The report presented the decline in loans as a result of banks strictly managing borrowing despite government relaxation.
- Centre-right
- The report mirrored the center lean by attributing the loan decrease to bank restrictions and government quota adjustments.
Sources
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