Banking

HK's credit-card receivables up 4.1% in Q2

(Xinhua)
Updated: 2010-08-17 10:42

HONG KONG - Hong Kong's total credit-card receivables rose 4.1 percent, or by HK$2.9 billion ($373 million), in the year's second quarter to HK$74.5 billion, the Monetary Authority of Hong Kong said on Monday.

The total number of credit-card accounts grew 2.9 percent to 13. 1 million in the city.

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The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell 3.5 percent to HK$19.6 billion at the end of June.

The charge-off amount fell to HK$422 million, or about 0.6 percent of average receivables, in the second quarter from HK$439 million in the previous quarter.

The charge-off ratio also fell to 2.31 percent from 2.39 percent. The transfer of rescheduled receivables outside the surveyed institutions' credit-card portfolios dropped to HK$165 million from HK$209 million.