S. Korean banks' loan growth hits record high on stock investment spree

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SEOUL, May 12 (Xinhua) -- South Korean banks' loan growth to households hit a record monthly high in April owing to stock investment spree among retail investors, central bank data showed Wednesday.

The outstanding household loan, extended by banks, stood at 1,025.7 trillion won (912.1 billion U.S. dollars) at the end of April, up 16.1 trillion won from a month ago, according to the Bank of Korea (BOK).

It was the biggest monthly increase since data began to be compiled in 2004.

With borrowed money, retail investors rushed to join the initial public offering (IPO) of SK IE Technology, the battery materials producer and the subsidiary of SK Innovation that debuted on the main bourse Tuesday.

The company attracted a combined 80.9 trillion won in deposit from retail investors during the two-day subscription period that ended on April 29.

It surpassed the previous record high of 63.6 trillion won drawn by SK Bioscience that went public in March.

Credit loans to households by banks amounted to 281.5 trillion won as of the end of April, up 11.8 trillion won from a month earlier. It was the fastest growth since 2004.

Banks' mortgage loans to households rose 4.2 trillion won in April, after expanding 6.5 trillion won in February and 5.7 trillion won in March respectively. (1 U.S. dollar equals 1,123.76 South Korean won) Enditem

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