Internet-only banks to keep household loan increase at 4.8% this year

Korea's three internet-only banks will limit the rise in their household loan extensions this year to less than 5 percent, data showed Tuesday.

According to the data compiled by Kakao Bank, K-Bank and Toss Bank, and submitted to Rep. Lee In-young of the main opposition Democratic Party, the three plan to increase their outstanding household loans by 4.8 percent, or 3.3 trillion won ($2.26 billion), this year, compared with last year's 8.26 trillion-won increase.

The loans exclude policy loans, such as those for low-income earners and newlyweds.

Their outstanding household loans stood at 69.54 trillion won last year, more than doubling from 33.84 trillion won in 2021.

In particular, Kakao Bank and K-Bank's mortgage loans surged to a combined 34.47 trillion won at the end of September from 10.31 trillion won in 2021.

Toss Bank is set to begin mortgage lending next year. (Yonhap)