Hong Kong Monetary Authority Releases Q2 2024 Credit Card Lending Survey Results

The Hong Kong Monetary Authority (HKMA) has released the findings of its credit card lending survey for the second quarter of 2024. According to the HKMA, total card receivables experienced a marginal decline of 0.2%, reaching HK$151.2 billion by the end of June 2024. This follows a more pronounced decrease of 5.3% in the previous quarter.

Delinquency and Charge-Off Ratios

The survey also revealed that the combined delinquent and rescheduled ratio saw a slight uptick, rising to 0.39% at the end of June 2024 from 0.37% at the end of the previous quarter. Additionally, the quarterly charge-off ratio increased marginally to 0.58%, up from 0.55% in the prior quarter.

Market Implications

The minor fluctuations in credit card receivables and delinquency ratios could indicate a stabilizing trend in the market following the significant decrease observed earlier in the year. Financial analysts suggest that these metrics are essential for understanding consumer behavior and financial health in Hong Kong.

For more details, you can view the full report on the Hong Kong Monetary Authority website.

Image source: Shutterstock