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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (August 14) the results of its survey on credit card lending for the second quarter of 2009.
Total card receivables declined by 0.3% (or HK$0.2 billion) in the second quarter of 2009, after declining 8.1% in the previous quarter. The total number of credit card accounts increased by 2.2%.
The rollover amount, which reflects the amount of borrowing by customers using their credit cards, declined by HK$0.7 billion to HK$22.2 billion at end-June 2009.
The charge-off amount rose to HK$815 million, or around 1.2% of average receivables, in the second quarter of 2009 from HK$727 million in the previous quarter. The quarterly annualised* charge-off ratio increased to 4.61% from 3.92% in the previous quarter. The transfer of rescheduled receivables outside the surveyed institutions¡¦ credit card portfolios rose further to HK$353 million, from HK$221 million in the previous quarter.
The delinquent amount increased to HK$357 million in the second quarter of 2009 compared with HK$350 million in the previous quarter. The delinquency ratio also rose slightly to 0.50% in the second quarter from 0.49% in the first quarter of 2009. The combined delinquent and rescheduled ratio (after taking into account the transfer of rescheduled receivables mentioned above) increased to 0.61% at end-June 2009, from 0.58% at end-March 2009.
* This assumes the quarterly rate of charge-off is maintained for the next three quarters.
For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Natalie Wu, Officer (Communications), at 2878 8246
Ends/Friday, August 14, 2009
Issued at HKT 16:32
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