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S. Korea's credit loans soar in early January due to relaxed lending rules, bullish market
Credit loans of South Korea's five major commercial banks increased by 453 billion won in the first week of 2021, fueled by a bullish stock market and eased bank loan rules, data showed Sunday.
The total credit loan balance of KB Kookmin, Shinhan, KEB Hana, Woori, and NH Honghyup 133.6 trillion won at the end of 2020 to 134.1 trillion won as of Jan. 7.
New credit loans via overdraft soared from 1,048 on Dec. 31 to 1,960 on Jan. 7, increasing overdraft balance by 241.1 billion won to 46.7 trillion won in the first seven days of January.
The increased loan resulted from eased lending rules by the banks since December due to record-high loans in November.
Credit loans increased by a record 4.85 trillion won to 133.69 trillion won at the end of November.
New loan demands were also due to investors taking advantage of a rally in a bull market as the Kospi touched the 3,000-point milestone on Wednesday.
The Kospi closed last week up 3.97 percent.
Many also wanted to take out loans before rules tightened again, said a bank official.