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Press Releases

Credit Card Lending Survey Results For Third Quarter 2007

The Hong Kong Monetary Authority announced today (Thursday) the results of its survey on credit card lending for the third quarter of 2007.

Total card receivables increased by 2.2% (or HK$1.5 billion) in the third quarter, after rising by 2.1% in the previous quarter. Rescheduled receivables amounting to HK$139 million were transferred outside the surveyed institutions' credit card portfolio during the quarter, compared with HK$143 million in the second quarter. The total number of credit card accounts rose further by 0.5%.

The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell further to HK$24.4 billion from HK$24.9 billion as at end-June 2007.

The charge-off amount decreased in the third quarter to HK$542 million or 0.78% of average receivables from HK$564 million in the previous quarter. The annualised1 charge-off ratio dropped to 3.10% from 3.30% in the previous quarter.

The delinquent amount declined to HK$257 million at the end of September compared with HK$276 million at the end of the previous quarter. The delinquency ratio dropped to 0.36% from 0.40% at the end of June. The combined delinquent and rescheduled ratio (after taking into account the transfer mentioned above) dropped to 0.44%2 at end-September from 0.47% at end-June, although the amount of rescheduled receivables increased to HK$52 million from HK$51 million.

Annex

For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Officer (Press), at 2878 1802

Hong Kong Monetary Authority
15 November 2007

 

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

2 Not the sum of the two ratios, due to rounding.

Last revision date: 1 August 2011
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