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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (August 15) the results of its survey on credit card lending for the second quarter of 2007.
Total card receivables increased by 2.1% (or HK$1.4 billion) in the second quarter after declining 6.3% in the previous quarter. The total number of credit card accounts rose further by 2.4%.
The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell to HK$24.9 billion from HK$25.1 billion as at end-March 2007.
The charge-off amount increased further in the second quarter to HK$564 million or 0.83% of average receivables from HK$555 million in the previous quarter. The annualised* charge-off ratio rose to 3.30% from 3.17% in the previous quarter.
The delinquent amount increased to HK$276 million at the end of June compared with HK$262 million at the end of the previous quarter. The delinquency ratio edged up to 0.40% from 0.39% at the end of March. The combined delinquent and rescheduled ratio edged up to 0.47% at end-Jun from 0.46%** at end-March with the amount of rescheduled receivables remaining stable at HK$51 million.
* This assumes the quarterly rate of charge-off is maintained for the next three quarters.
** Not the sum of the two ratios, due to rounding.
For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Officer (Press), at 2878 1802
Ends/Wednesday, August 15, 2007
Issued at HKT 17:13
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