Korean banks' mortgage loans surged ahead of property acquisition tax benefits

It rose 3.2% versus last year.

According to Nomura, bank loans in June rose 0.7% m-m (2.5% YTD, 4.1% y-y) to KRW1,082tn. Corporate loan growth was 0.5% m-m (4.0% YTD, 5.2% y-y). 

Large corp loans were flat m-m (5.1% YTD, 9.7% y-y) and SME loans grew 0.7% m-m (3.6% YTD, 3.8% y-y).

Here's more from Nomura:

SME loan growth continued to accelerate to 0.7% m-m in June from 0.6% m-m in May and 0.4% m-m in April, as banks’ lending attitude towards SMEs continued to ease. 

Household loans grew 1.0% m-m (0.7% YTD, 2.8% y-y) in June including securitised mortgage loans, household loans grew 1.4% m-m (3.6% YTD, 3.2% y-y). 

Household mortgage loans surged 1.2% m-m (1.1% YTD, 3.2% y-y). Including securitised mortgage loans, growth was 1.8% m-m (5.3% YTD, 3.9% y-y). Adjusted mortgage loan growth surged due to end of the property acquisition tax as of end-June. We expect modest loan growth from July for 2H13F.