Household loans at KB Kookmin, Shinhan, Hana, Woori and NH NongHyup rose by 2.7717 trillion won in October to 783.6057 trillion won. The rise followed a 1.2852 trillion won September drop, and mortgage balances grew for a seventh straight month.
The combined outstanding household loan balance of the five major banks (KB Kookmin, Shinhan, Hana, Woori and NH NongHyup) rose by 2.7717 trillion won in October. It reached 783.6057 trillion won, compared with 780.8340 trillion won at the end of September.
The October increase followed a decrease of 1.2852 trillion won in September. That September decline was the first in six months. The October rebound therefore came a month after household loans at the five banks had last fallen.
The mortgage loan balance at the five banks reached 623.0988 trillion won at the end of October. That was up 1.7005 trillion won from the previous month and marked seven consecutive months of growth since April.
Financial authorities widened the annual household loan growth target to 3.0% from 1.5% under August real estate measures. The change raised the volume the five banks can still extend to ₩7.1319 trillion from ₩4.34 trillion. The Bank of Korea's benchmark interest rate was frozen at 3.00% per annum.
