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

     The Hong Kong Monetary Authority published today (May 16) the credit card lending survey results for the first quarter of 2017.
      
     Total card receivables decreased by 8.9% in the first quarter of 2017 to HK$116.8 billion at end-March, after an increase of 8.5% in the previous quarter that was mainly driven by festive spending and the payment of salaries tax using credit cards.
      
     The combined delinquent and rescheduled ratio rose to 0.37% at end-March 2017 from 0.33% a quarter earlier.
      
     The charge-off amount edged down by HK$5 million during the quarter to HK$577 million, while the quarterly charge-off ratio remained steady at 0.47%.

Ends/Tuesday, May 16, 2017
Issued at HKT 18:20

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