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S. Korean banks' household lending grows in Dec. amid strong demand

01-12-2012 14:05 BJT

SEOUL, Jan. 12 (Xinhua) -- South Korean banks' lending to households grew at a faster pace in December than a month earlier due to strong demand for mortgage loans ahead of the closure of tax exemption, the central bank said Thursday.

Household loans extended by local banks reached 455 trillion won (392.55 billion U.S. dollars) as of the end of December, up 1. 8 trillion won from a month before, according to the Bank of Korea (BOK).

The December growth was larger than a 1.4 trillion won on-month expansion tallied in November. The faster growth came as demand for home-backed lending increased ahead of the closure of tax exemption for real estate acquisition tax.

Mortgage loans by domestic banks stood at 306.1 trillion won as of end-December, up 2.5 trillion won from the previous month. The expansion was larger than a 1.5 trillion won on-month growth recorded in November.

Credit loans to households dwindled 0.7 trillion won in December from a month earlier as household borrowers paid off their credit loans with year-end bonuses.

 

Editor:Bai Yang |Source: Xinhua

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