S.Korea’s industrial lending growth slows in Q3

SEOUL, Dec. 2– South Korea’s industrial lending growth slowed down in the third quarter due to mounting worries about a global economic downturn, central bank data showed Friday. Debts owed by all industries to deposit-taking financial institutions amounted to 1,769.7 trillion won at the end of September, up 56.6 trillion won from three months earlier,…

SEOUL, Dec. 2 (Xinhua) — South Korea’s industrial lending growth slowed down in the third quarter due to mounting worries about a global economic downturn, central bank data showed Friday.

Debts owed by all industries to deposit-taking financial institutions amounted to 1,769.7 trillion won (1.36 trillion U.S. dollars) at the end of September, up 56.6 trillion won (43.5 billion dollars) from three months earlier, according to the Bank of Korea (BOK).

It was lower than an increase of 68.4 trillion won (52.6 billion dollars) in the second quarter as rising concerns about a global economic slump drove lenders to tighten its lending standard.

Lending to the services industry advanced 38.8 trillion won (29.8 billion dollars) to 1,160.4 trillion won (891.9 billion dollars) during the July-September quarter.

Real estate developers cut borrowing money amid the sluggish property market while companies in the eatery and lodging sector expanded loans as outside activities such as eating-out and travel increased.

Lending to the manufacturing industry gained 10.6 trillion won (8.1 billion dollars) to 450.1 trillion won (346 billion dollars) during the third quarter.

The industrial lending for operating funds expanded 36.6 trillion won (28.1 billion dollars) during the quarter while the lending for facilities’ funds climbed 20 trillion won (15.4 billion dollars). Enditem