South Korean banks’ deposits up US$19.9b in September

Transferable deposits rose substantially, whilst time deposits fell.

South Korean banks’ deposits rose by $19.9b (KRW27.1t) in September, according to data by Bank of Korea (BOK).

Transferable deposits increased substantially by $17b (KRW23.1t), which the BOK attributed to inflows of corporate funds for quarter-end financial ratio management.

BOK also attributed it to deferrals of corporate tax payments owing to the last day of the month falling on a holiday.

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Time deposits, meanwhile, declined by KRW3.7t due to corporate funds maturing, which offset continued net inflows of household funds.

Funds under management at asset managed companies remained at the same level as in August, growing only by KRW0.1t.