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Finance

Household loans jump 9.3 trillion won in a month as regulators trigger emergency management

Household loans across South Korea’s financial sector rose 9.3 trillion won in May, sharply above April’s increase and a year earlier. Mortgage lending growth slowed, but other loans, including credit loans, swung to an increase and drove the overall rise. Regulators held a debt monitoring meeting and plan weekly checks on firms that miss management targets. Banks will pursue voluntary measures such as cutting new credit loan limits for high earners.

Finance

Toss says people in their 40s led May spending as outlays for children and parents rose

Consumers in their 40s led spending during May’s family month, as outlays related to children and parents rose at the same time, Toss said. Viva Republica, which operates Toss, compared card payment data from May 1 to 18 with the same period a month earlier and found a sharp rise in spending tied to family leisure activities. Activity-sector transactions rose 33 percent, and jumped 68 percent during May 1 to 11.

People & Company News

iM Financial marks 15th anniversary with expanded inclusive finance, May coexistence campaign

iM Financial Group is running May as a \"Social Contribution Day\" month to expand community coexistence activities, it said on Thursday. The group said all employees took part in social contribution programmes tied to Family Month and its 15th anniversary. It funded support for vulnerable groups and carried out volunteer work at a child-care facility. It also provided financial education, supported youth transport costs, and backed senior welfare and housing energy-efficiency initiatives.