The loan default rates at some major local commercial banks have reportedly risen to their highest level in years amid the sluggish economic conditions and high inflation.

According to the financial industry on Monday, the delinquency rate on the loans provided by the top five banks — KB, Shinhan, Hana, Woori and NH Nonghyup — came to stand at an average of zero-point-304 percent at the end of last month.

The latest figure is zero-point-032 percentage points higher than a month earlier and increased by zero-point-118 percentage points from last April.

While there is no official long-term data tracking the average of the banks’ default rates over time, Yonhap News cited statistics by individual banks showing that loan delinquency rates are the highest in three years to five years.

The increase in default rates is reportedly attributed to the economic slowdown, interest rate hikes and a decrease in assets.