Total credit card receivables in Hong Kong grew by 10.9%, to HK$78.2 billion (US$10.8 billion and 7.4 billion euros) at the end of September from HK$70.5 billion a year earlier, the Hong Kong Monetary Authority recently reported.

Some 13.4 million credit cards were on issue in Hong Kong as of Sept. 30, up by 9.8% from the 12.2 million a year earlier.

The amount of loans charged off during the third quarter declined by 49.2%, to HK$366 million from $720 million. Loans delinquent 90 days or more during the quarter declined by 47.1%, to HK$171 million from HK$323 million, the authority says.

The delinquency ratio (a ratio of past due card loans to total card loans) also dropped, to 0.22% during the quarter from 0.46% a year earlier, according to the authority.

The rollover amount at the end of the quarter stood at HK$19.3 billion, down by 10.2% from HK$21.5 billion from a year earlier. The rollover ratio (the percentage of total rollover amounts to total credit card receivables) also dropped to 24.7% from 30.4% a year earlier.

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