The amount of credit received by local banks increased by the biggest margin amid the COVID-19 pandemic during the first half of this year.

According to the Bank of Korea(BOK) Monday, credit received by banks as of the end of June totaled one-point-86 quadrillion won, up 108-point-seven trillion won compared to the end of last year.

The jump is the highest for the first half of a year.

Analysts believe the surge is closely linked to the economic fallout from the pandemic, as more households and businesses opted to save their income and earnings, instead of spending and making investments.

This comes as loans taken out by businesses and small business owners rose 77-point-seven trillion won, and household loans by 40-point-six trillion won between January and June.