corporate loans-Q1 tally

Corporate loan growth accelerates in Q1

SEOUL, June 7 (Yonhap) -- Corporate loan growth in South Korea slowed in the first quarter of this year from three months earlier, central bank data showed Friday, as companies borrowed more to fund their operations.

The outstanding loans extended to local companies came to 1,916.6 trillion won (US$1.4 trillion) as of end-March, up 27 trillion won from three months earlier, following a 13.9 trillion won advance the previous quarter, according to the data from the Bank of Korea (BOK).

By sector, loans to manufacturing firms soared 12.2 trillion won on-quarter to 457.1 trillion won as of the end of March, a turnaround from the previous quarter's 0.6 trillion-won fall.

Total loans in the service sector expanded 11 trillion won to 1,228.8 trillion won, compared with growth of 11.9 trillion won in the fourth quarter, the data showed.

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