Credit Card Lending Survey Results for First Quarter 2024

The credit card lending survey results for the first quarter of 2024 were released by the Hong Kong Monetary Authority on 16th May. At the end of March 2024, total card receivables saw a decrease of 5.3%, amounting to HK$151.5 billion. This decline can be attributed to the waning effects of festive spending and salaries tax payment, which had previously led to an 8.5% increase in the previous quarter. During the same period, the combined delinquent and rescheduled ratio slightly increased to 0.37% compared to 0.34% at the end of the previous quarter. Additionally, the quarterly charge-off ratio rose to 0.55% from 0.49% in the preceding quarter. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/05/20240516-4/