South Korea's household debts extended by depository corporations grew at a faster pace in May compared with a month earlier due to a growth in demand for credit loans, the central bank said Tuesday.

Debts owed by households to depository corporations, including banks and non-bank depository institutions, reached 642.7 trillion won (562.19 billion U.S. dollars) as of the end of May, up 3.2 trillion won from a month before, according to the Bank of Korea ( BOK).

The May growth was larger than an expansion of 2.5 trillion won tallied in April as households increased their credit loans from banks to meet the needs to buy presents for Parent's Day and Children's Day.

Household loans extended by banks advanced 2.2 trillion won on- month to 456.7 trillion won in May. Credit loans expanded 1.4 trillion won to 145.4 trillion won, while housing-related loans, including home-backed loans, grew 0.8 trillion won to 311.3 trillion won.

Household debts extended by non-bank institutions, including mutual savings banks, credit unions, mutual credit institutions, community credit cooperatives, advanced 1 trillion won on-month to 186.1 trillion won in May. Mortgage loans grew 0.4 trillion won to 84.6 trillion won over the cited period, with credit loans rising 0.6 trillion won to 101.5 trillion won. (1 U.S. dollar equals 1, 142.6 won)