The delinquency ratio fell for the fourth consecutive quarter to 1.25%, compared with 1.28% at end of 2002, the Monetary Authority said today.

The fall was attributable in part to charge-offs and in part to the restructuring of problem card receivables by authorised institutions.

Over the year to end-March 2003, about $1.6 billion credit-card receivables have been restructured, representing about 2.8% of total receivables.

The amount charged off in the first quarter also decreased, to $1.76 billion or 3.09% of average receivables during the quarter. Assuming the rate of charge-off is maintained for the next three quarters, the 'annualised' ratio would be 11.82% compared with 13.45% in the previous quarter.

The rollover amount, which reflects the amount of 'borrowing' customers using their credit cards, fell to $30.4 billion from $32.1 billion as at the end of 2002, representing 55.7% of total receivables.