Household loans continued steady climb in February

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Household loans continued steady climb in February

Korea’s household loans extended by local banks rose 10.3 percent in February from a year earlier due to increased mortgages, data from the Bank of Korea showed Thursday.

Outstanding household loans from local lenders was 710.9 trillion won ($615.6 billion) as of the end of February, compared to 644.2 trillion won from a year earlier. Compared to January, the amount rose by 2.9 trillion won. Mortgages climbed 2.1 trillion won month on month to 535.9 trillion won in February. In January, mortgages rose 800 billion won from a month earlier.

Korea’s financial regulator has urged financial firms to focus on risk management rather than the expansion of business.

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