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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) published today the credit card lending survey results for the second quarter of 2014.
Total card receivables increased by 2.1% to HK$112.4 billion in the second quarter this year, after a reduction of 6.7% in the previous quarter. The total number of credit card accounts edged up by 0.7% to around 16.8 million.
The rollover amount, which reflects the amount of borrowing by customers using their credit cards, increased by 2.9% during the quarter to HK$19.2 billion. The rollover ratio also rose marginally from 17.0% to 17.1% in the same period.
The charge-off amount increased to HK$569 million during the quarter from HK$528 million in the previous quarter. Correspondingly, the quarterly charge-off ratio rose to 0.51% from 0.46% in the previous quarter.
The amount of rescheduled receivables transferred outside the surveyed institutions' credit card portfolios reduced to HK$94 million from HK$109 million in the previous quarter.
The delinquent amount increased to HK$249 million at end-June from HK$239 million at end-March. However, the delinquency ratio remained the same at 0.22% because of an increase in total card receivables. The combined delinquent and rescheduled ratio (after taking into account the transfer of rescheduled receivables mentioned above) edged up to 0.29% from 0.28% during the same period.
Ends/Friday, August 15, 2014
Issued at HKT 16:47
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