Credit card receivables up 2.9% as of Sept. 2010    
Industry News

Source : GMA News

The banking system's credit card receivables rose by 2.9 percent in the first nine months of 2010 as more consumers used their credit cards to finance the purchase of goods and services, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.

Central bank data showed that credit card receivables of universal, commercial, and thrift banks totaled P133.93 billion in the January-September period last year compared with the P130.17 billion booked in the same period in 2009.

Credit card receivables of universal and commercial banks and their subsidiaries amounted to P133.67 billion in January-September last year from P129 billion in the same period in 2009, the BSP said.

The central bank added that credit card receivables of thrift banks rose to P259 million in the first nine months of 2010 from P214 million in the same period of 2009.

The banking industry's total loan portfolio expanded 10.3 percent to P2.78 trillion as of end-September last year from P2.52 trillion as of end-September in 2009.

The BSP said the ratio of non-performing credit card receivables to total credit card receivables of the industry worsened to 13.5 percent as of September in 2010 from 12.78 percent in the same month in 2009.

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