Published : Aug. 2, 2016 - 11:31
[THE INVESTOR] Home-backed loans of the country’s six largest banks increased by the largest margin on record in July, industry data showed on Aug. 2. July is traditionally considered a slow month for residential property-backed loans.
Yeouido financial district in western Seoul
According to bank industry data, six largest banks’ residential property-backed loans increase by more than 4.2 trillion won (US$3.78 billion) in July. This is the largest monthly rise seen since banks began compiling the data in July 2010. The banks are KB Kookmin, Shinhan, Woori, KEB Hana, NH and the Industrial Bank of Korea. With the July rise, the total for the six banks now stands at over 363.31 trillion won.
The spike has been attributed to the rise in residential property market experiencing an unseasonal boom. According to real estate market data, the number of apartment units traded in July came to 14,031, a record for the month.
By Choi He-suk (
cheesuk@heraldcorp.com)