Business & Finance
Credit-card receivables down 4.8%
May 16, 2012
Total credit-card receivables declined 4.8% to $95.6 billion in the first quarter this year.The Monetary Authority said today the decrease was due to the receding effect of festive spending around the year end and the payment of salaries tax using credit cards. The total number of credit-card accounts increased 2.4% to 15.4 million.
The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell 0.6% during the quarter.
The charge-off amount rose to $390 million, or 0.4% of average receivables, in the first quarter of 2012.
The quarterly annualised charge-off ratio rose to 1.59% compared with 1.51% in the previous quarter.
The amount of rescheduled receivables transferred outside the surveyed institutions' credit-card portfolios increased slightly, to $68 million from $67 million in the previous quarter.
The delinquent amount increased to $204 million at the end of March from $188 million at the end of December.
