Saturday, February 14, 2009

HK: Credit card delinquency ratio rises

The credit card delinquency ratio in Hong Kong rose slightly to 0.34 percent in the fourth quarter of 2008 from the previous quarter's record low of 0.31 percent, the Hong Kong Monetary Authority said on Friday.

The delinquent amount rose to HK$263 million, compared with HK$227 million in the previous quarter.

Total card receivables grew 4.3 percent in the fourth quarter after rising 0.8 percent in the previous quarter, largely thanks to festive spending near the year end as well as the payment of salaries tax via credit cards, the monetary authority said.

The total number of credit card accounts fell 1 percent.

The rollover amount, an indicator of borrowing by customers using their credit cards, declined to HK$23.8 billion ($3. 05 billion) at the end of December from 23.9 billion HK dollars ($3.06 billion) three months earlier.

The charge-off amount rose to HK$584 million, or 0.77 percent of average receivables, from HK$505 million in the previous quarter.

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