Corporate loan growth accelerates in Q3

Asia's Tech News Daily

SEOUL, Dec. 1 (Yonhap) — Corporate loan growth in South Korea quickened in the third quarter from three months earlier mainly due to a rise in loans to the service sector, central bank data showed Wednesday.

The outstanding loans extended to local companies came to 1,530.7 trillion won (US$1.29 trillion) as of end-September, up 52.2 trillion won from three months earlier, according to the data from the Bank of Korea (BOK).

The on-quarter growth accelerated from a rise of 42.7 trillion won tallied in the second quarter.

Compared with the same period a year earlier, the total amount marked a 12.1 percent increase.

Loans made to the service sector grew 41.2 trillion won on-quarter to 986.8 trillion won in the third quarter, quickening from a gain of 33.7 trillion won in the second quarter.

By industry, loans for real estate businesses expanded 13.8 trillion won over the same period, while those for wholesale and retail companies expanded 10.6 trillion won.

Loans for the manufacturing sector also grew 7.7 trillion won on-quarter to 412.5 trillion won. The growth was faster than a 4.9 trillion-won increase reported in the second quarter, the data showed.

kokobj@yna.co.kr
(END)

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