Credit Card Lending Survey Results For Second Quarter 2008

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15 Aug 2008

Credit Card Lending Survey Results For Second Quarter 2008

The Hong Kong Monetary Authority announced today (Friday) the results of its survey on credit card lending for the second quarter of 2008.

Total card receivables increased by 1.6% (or HK$1.2 billion) in the second quarter, after declining by 6.0% in the previous quarter. The transfer of rescheduled receivables outside the surveyed institutions' credit card portfolios during the quarter dropped slightly to HK$153 million from HK$155 million in the first quarter. The total number of credit card accounts increased by 2.5%.

The rollover amount, which reflects the amount of borrowing by customers using their credit cards, declined further to HK$23.7 billion from HK$24.4 billion as at the end of March.

The charge-off amount increased in the second quarter to HK$506 million, or 0.70% of average receivables, from HK$499 million in the previous quarter. The quarterly annualised1 charge-off ratio rose to 2.78% from 2.68% in the previous quarter.

The delinquent amount edged slightly lower to HK$232 million at the end of June compared with HK$234 million at the end of the previous quarter. The delinquency ratio remained unchanged at 0.32%. The combined delinquent and rescheduled ratio (after taking into account the transfer mentioned above) declined to a record low of 0.39% at the end of June.

Annex

For further enquiries, please contact:
Hing-fung Wong, Manager (Press), at 2878 1802 or
Lilian Goh, Officer (Press), at 2878 8246

Hong Kong Monetary Authority
15 August 2008

 

1 This assumes the quarterly rate of charge-off is maintained for the next three quarters.

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Last revision date : 15 August 2008