SEOUL, Nov. 13 (Xinhua) -- South Korean banks' household lending rose for the ninth successive month due to the still solid demand for mortgage and credit loans, central bank data showed Thursday.
Debt owed by households to deposit-taking banks totaled 1,173.7 trillion won (797.2 billion U.S. dollars) at the end of October, up 3.5 trillion won (2.4 billion dollars) from a month earlier, according to the Bank of Korea (BOK).
The October growth was faster than an increase of 1.9 trillion won (1.3 billion dollars) in the prior month, continuing to go up since February.
Banks' mortgage loans grew 2.1 trillion won (1.4 billion dollars) last month, after mounting 2.5 trillion won (1.7 billion dollars) in the previous month.
The domestic real estate market fluctuated in recent months, with the number of apartment transactions across the country reaching 45,000 in May, 35,000 in July and 47,000 in September each.
Other loans to households, including credit loans, credit lines and commercial real estate-backed loans, rebounded 1.4 trillion won (951.0 million dollars) in October after reducing 500 billion won (339.6 million dollars) in September.
It was attributable to rising demand for stock investment with borrowed money and higher money demand ahead of the Chuseok holiday, the South Korean version of Thanksgiving Day.
The BOK cut its benchmark interest rate by 25 basis points in February and May each to 2.50 percent after lowering it by the same basis points in October and November last year.
Banks' corporate loans ran into 1,366.0 trillion won (927.9 billion dollars) at the end of October, up 5.9 trillion won (4.0 billion dollars) from a month earlier.
Lending to big companies added 200 billion won (135.9 million dollars), while loans to small firms jumped 5.7 trillion won (3.9 billion dollars) last month. ■
