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Credit card lending survey results for first quarter 2013

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) published today (May 15) the credit card lending survey results for the first quarter of 2013.

     Total card receivables decreased by 7.0% to HK$103.4 billion in the first quarter of 2013, after increasing by 10.4% in the previous quarter.  The decrease was mainly due to the receding effect of festive spending around the year end and the payment of salaries tax using credit cards.  The total number of credit card accounts increased slightly by 0.3% and hovered at around 16.3 million.

     The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell by 2.9% during the quarter.

     The charge-off amount edged up from HK$482 million in the fourth quarter of 2012 to HK$486 million in the first quarter of 2013.  The quarterly charge-off ratio remained unchanged at 0.45%.  

     The amount of rescheduled receivables transferred outside the surveyed institutions' credit card portfolios increased to HK$138 million from HK$116 million in the previous quarter.   

     The delinquent amount rose to HK$241 million at end-March 2013 from HK$221 million at end-December 2012.  Correspondingly, the delinquency ratio increased to 0.23% from 0.20% at end-December 2012.  The combined delinquent and rescheduled ratio (after taking into account the transfer of rescheduled receivables mentioned above) rose to 0.30% from 0.26% at end-December 2012.

Ends/Wednesday, May 15, 2013
Issued at HKT 17:16


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