SEOUL, Sept. 10 (Xinhua) -- South Korean banks' household lending rose for the seventh successive month due to strong demand for mortgage loans, central bank data showed Wednesday.
Debt owed by households to deposit-taking banks totaled 1,168.3 trillion won (842.6 billion U.S. dollars) at the end of August, up 4.1 trillion won from a month earlier, according to the Bank of Korea (BOK).
It continued to expand since February, swelling faster than an increase of 2.7 trillion won in July.
Banks' mortgage loans grew 3.9 trillion won last month, while other loans to households, including credit loans, credit lines and commercial real estate-backed loans, added 300 billion won.
The domestic real estate market showed signs of recovery. The number of apartment transactions across the country was roughly on the increase with 45,000 in May, 53,000 in June and 34,000 in July.
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 to 1,354.8 trillion won at the end of August, up 8.4 trillion won from a month earlier.
Lending to big companies gained 3.8 trillion won, while loans to small firms advanced 4.5 trillion won last month. (1 won equals 0.00072 U.S. dollars) ■
