* June new loans 1.54 trln yuan, vs f'cast 1.2 trln yuan

* June M2 money supply up 9.4 pct y/y, vs f'cast 9.5 pct

* June TSF 1.78 trln yuan, vs May's 1.06 trln yuan

BEIJING, July 12 Chinese banks extended more credit than expected in June as housing loans remained strong despite property curbs, amid a continuing clampdown on risky shadow lending activities.

Some analysts said the pick-up in new loans was seasonal as companies rush to meet quarter-end targets and could be masking a slowdown in credit growth as the economy cools.

Chinese banks extended 1.54 trillion yuan ($226.9 billion) in net new yuan loans in June, well above analysts' expectations of 1.2 trillion yuan, up from 1.11 trillion in May.

Household loans, mostly mortgages, rose to 738.4 billion yuan in June from 610.6 billion yuan in May, according to Reuters calculations based on the central bank's data.

Household loans accounted for 48 percent of total new loans last month, down from 55 percent in May.

Broad M2 money supply (M2) in June grew 9.4 percent from a year earlier, central bank data showed on Wednesday, missing forecasts for an expansion of 9.5 percent and compared with May's 9.6 percent.

The slower M2 growth, the central bank said last month, could be a "new normal" after May's reading fell to the slowest since records began in 1996, with analysts saying Beijing is having some success with financial deleveraging.

The effects of the multi-pronged crackdown are showing up in weakened off-balance sheet financing, or shadow banking activity.

Total social financing (TSF), a broad measure of credit and liquidity in the economy, rose to 1.78 trillion yuan in June from 1.06 trillion yuan in May, the data showed.

China's central bank said last week that the shadow banking sector lacks sufficient regulation and it would increase supervision over the rapidly growing asset management industry to curb related risks.

A senior banking regulator said last month that China's recent steps to control financial risks have gained traction as some riskier businesses carried out by banks have been contained.

The People's Bank of China switched to a modest tightening stance at the start of this year to help cool explosive growth in debt, but it injected substantial liquidity last month to avoid a quarter-end cash crunch, market participants said.

"While we think the PBOC is now done pushing up interest rates, we expect the monetary tightening that has already taken place to continue weighing on credit growth from some time," Julian Evans-Pritchard, China Economist, Capital Economics said in a report.

Since the first quarter, the PBOC has included banks' off-balance sheet wealth management products in its examination of broad credit in its Macro Prudential Assessment (MPA) risk-tool.

The PBOC injected a net 99.5 billion yuan into the financial system via short- and medium-term liquidity tools in June, up 95 percent from the previous month.

Policy insiders say China's central bank will hold off on further monetary policy tightening and could even slightly loosen its grip in coming months as a deleveraging drive threatens economic growth and job creation ahead of a leadership reshuffle

The PBOC has reiterated that it would continue to implement a prudent and neutral monetary policy, and keep liquidity in the country's financial system basically stable in its quarterly monetary policy committee meeting.

China's banks extended a record 12.65 trillion yuan in loans in 2016 as the government encouraged credit-fueled stimulus to meet its economic growth target.

The credit explosion has stoked worries about financial risks from a rapid build-up in debt, which authorities have pledged to contain this year.

Outstanding yuan loans grew 12.9 percent by month-end on an annual basis, faster than economists' expectations of 12.7 percent and matching May's 12.9 percent. (Reporting by Stella Qiu and Kevin Yao; Editing by Jacqueline Wong)