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Press Releases

Credit Card Lending Survey Results for Third Quarter 2010

The Hong Kong Monetary Authority announced the results of the survey on credit card lending for the third quarter of 2010.

Total card receivables grew by 5.0% to HK$78.2 billion in the third quarter of 2010, after increasing 4.1% in the second quarter. The total number of credit card accounts increased by 2.9% to 13.4 million.

The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell by 1.4% to HK$19.3 billion at end-September 2010.

The charge-off amount declined to HK$366 million, or around 0.5% of average receivables, in the third quarter of 2010 from HK$422 million in the previous quarter. The quarterly annualised1 charge-off ratio correspondingly fell to 1.92% from 2.31% in the previous quarter. The transfer of rescheduled receivables outside the surveyed institutions' credit card portfolios decreased to HK$144 million from HK$165 million in the previous quarter.

The delinquent amount decreased to HK$171 million at end-September 2010 from HK$189 million at end-June 2010, resulting in a decline of the delinquency ratio to 0.22% from 0.25%. The combined delinquent and rescheduled ratio (after taking into account the transfer of rescheduled receivables mentioned above) declined to 0.32% at end-September 2010 from 0.38% at end-June 2010.

Annex

For media enquiries, please contact:

Peggy Lo, Manager (Communications), at 2878 1687 or
Natalie Wu, Officer (Communications), at 2878 8246

Hong Kong Monetary Authority
15 November 2010

 

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

Last revision date: 1 August 2011
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