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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) published today (November 18) the credit card lending survey results for the third quarter of 2013.
Total card receivables edged up by 0.9% to HK$107.7 billion in the third quarter this year, after increasing by 3.2% in the previous quarter. The total number of credit card accounts increased by 1.0% to 16.6 million.
The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell by 1.2% to HK$18.3 billion in the third quarter from HK$18.5 billion in the previous quarter. The rollover ratio declined to 17.0% from 17.4% in the same period.
The charge-off amount (and ratio) rose from HK$540 million (0.51%) in the second quarter to HK$561 million (0.52%) in the third quarter.
The amount of rescheduled receivables transferred outside the surveyed institutions' credit card portfolios decreased to HK$151 million from HK$155 million in the previous quarter.
The delinquent amount fell to HK$241 million at end-September 2013 from HK$265 million at end-June 2013. Correspondingly, the delinquency ratio decreased slightly to 0.22% from 0.25% in the same period. The combined delinquent and rescheduled ratio (after taking into account the transfer of rescheduled receivables mentioned above) also edged down to 0.29% from 0.31% at end-June 2013.
Ends/Monday, November 18, 2013
Issued at HKT 17:35
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