Deposits at South Korea’s five largest banks fall $27.7 billion - UPI.com

Automated teller machines operated by major commercial banks are seen in Seoul on Sunday. Photo by Yonhap News Agency

July 20 (Asia Today) -- Readily accessible deposits at South Korea's five largest banks fell by more than 41 trillion won ($27.7 billion) during the first half of July, marking their largest decline in more than six years.

The drop reflected seasonal corporate cash movements following midyear financial reporting, continued stock purchases by individual investors and a shift toward fixed-term deposits offering higher interest rates.

Demand deposits at KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup Bank totaled 681.09 trillion won ($457.5 billion) as of Wednesday, according to financial industry data.

The balance was down 41.2 trillion won ($27.7 billion), or 5.7%, from the end of June. It was the largest decline since May 2020, during the COVID-19 pandemic, when such deposits decreased by 72.22 trillion won ($48.5 billion).