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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced the results of the survey on credit card lending for the third quarter of 2011.
Total card receivables increased by 4.2% to HK$90.6 billion in the third quarter of 2011, after increasing 3.9% in the second quarter of 2011. The total number of credit card accounts increased by 2.1% to 14.8 million.
The rollover amount, which reflects the amount of borrowing by customers using their credit cards, declined by 6.6% during the quarter.
The charge-off amount increased by 12.9% in the third quarter of 2011 to HK$377 million (or around 0.4% of average receivables) at end-September 2011. The quarterly annualised* charge-off ratio rose to 1.70% compared with 1.57% in the previous quarter.
The amount of rescheduled receivables transferred outside the surveyed institutions' credit card portfolios increased to HK$87 million from HK$75 million in the previous quarter.
The delinquent amount fell to HK$166 million at end-September 2011 from HK$176 million at end-June 2011. Correspondingly, the delinquency ratio declined to 0.18% from 0.20% at end-June 2011. The combined delinquent and rescheduled ratio (after taking into account the transfer of rescheduled receivables mentioned above) fell to 0.25%.
* This assumes the quarterly rate of charge-off is maintained for the next three quarters.
Ends/Friday, November 18, 2011
Issued at HKT 16:56
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