|
Total card receivables rose 8.8% or $6.2 billion in the fourth quarter last year, the Monetary Authority says. The total number of credit-card accounts also rose,1.6%.
The authority's survey on credit-card lending showed total card receivables grew by $6.2 billion despite a transfer of $126 million of rescheduled receivables outside the surveyed institutions' credit-card portfolios. The increase was largely due to the payment of salaries tax using credit cards and festive spending.
The rollover amount, which reflects the amount of borrowing by customers using credit cards, grew to $24.6 billion from $24.4 billion in the previous quarter.
The charge-off amount fell to $504 million or 0.68% of average receivables, from $542 million in the previous quarter. The annualised charge-off ratio dropped to 2.73% from 3.1%.
At the end of December the delinquent amount rose to $269 million while the delinquency ratio dropped to 0.35% due to the strong growth in total card receivables. The amount of rescheduled receivables remained stable at $52 million. The combined delinquent and rescheduled ratio fell to 0.42%.
|
