Hong Kong Credit Card Lending Increases by 7.9% in Q4 2024
Joerg Hiller Feb 17, 2025 04:53
The Hong Kong Monetary Authority reports a 7.9% rise in credit card receivables for Q4 2024, driven by festive spending and tax payments.
The Hong Kong Monetary Authority (HKMA) has released its credit card lending survey results for the fourth quarter of 2024, revealing a notable increase in credit card receivables. According to the HKMA, total card receivables rose by 7.9% quarter-over-quarter, reaching HK$162.2 billion by the end of December 2024. This growth is largely attributed to increased consumer spending during the festive season and the settlement of salaries taxes.
Stable Delinquency and Charge-off Ratios
The survey also indicates that the combined delinquent and rescheduled ratio remained stable at 0.40% as of the end of December 2024. Meanwhile, the quarterly charge-off ratio saw a slight improvement, decreasing marginally from 0.58% in the third quarter to 0.57% in the fourth quarter.
Economic Context and Implications
This increase in credit card receivables aligns with broader economic trends in Hong Kong, where consumer spending often peaks during the festive period. The stability in delinquency and charge-off ratios suggests that despite the rise in borrowing, consumers are maintaining their creditworthiness. Analysts view these figures as a positive indicator of consumer confidence and economic resilience in the region.
For more detailed statistics and analysis, you can access the full report on the Hong Kong Monetary Authority website.
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