In the first quarter of this year, the outstanding loan balance of household loans at major commercial banks fell by nearly 2 trillion won. In contrast, the outstanding loan balance of household loans at internet-only banks rose by more than 550 billion won over the same period. As commercial banks raised lending thresholds due to tighter total household loan controls, demand shifted to internet banks, showing a balloon effect.
According to data the Financial Supervisory Service submitted on the 12th to the office of Democratic Party of Korea lawmaker Lee In-young, a member of the National Policy Committee of the National Assembly, the outstanding balance of household loans (including policy loans) at the three internet banks (KakaoBank, Kbank, Toss Bank) totaled 74.428 trillion won as of the end of March.
This is an increase of 555.1 billion won in three months from the end of last year (73.8729 trillion won).
Over the same period, the outstanding loan balance of household loans at the five major banks (KB Kookmin, Shinhan, Hana, Woori, NH NongHyup) fell from 767.6781 trillion won to 765.729 trillion won, a decrease of 1.9491 trillion won.
Since the start of this year, the outstanding loan balance of household loans at internet-only banks has increased for three consecutive months, while the five major banks declined except in February.