Wed, Nov 06, 2013 - Page 14 News List

Credit card holders spent NT$5.5 billion less in September

By Crystal Hsu  /  Staff reporter

The nation’s credit card holders spent NT$150.9 billion (US$5.12 billion) in September, down NT$5.5 billion from the previous month, despite a moderate increase in the number of credit cards in circulation, the Financial Supervisory Commission (FSC) said in a statement yesterday.

There were 35.75 million credit cards in circulation in September, up 1.7 percent from August, while the number of credit cards in use increased from 22.22 million to 22.51 million, the statement said.

Revolving credit picked up by NT$500 million to NT$120.5 billion at the end of September, with NT$460 million classified as bad loans, the statement said.

The figures reflected weaker consumer confidence, in line with the lower-than-expected economic growth in the third quarter, which the Directorate-General of Budget, Accounting and Statistics last week said increased just 1.58 percent year-on-year, the weakest growth in a year.

Meanwhile, the nation’s bad loans rose 0.45 percent to NT$103.7 billion in September, up from August’s increase of 0.44 percent to NT$103.2 billion, the FSC said in a statement last week.

The nation’s 39 lenders had total outstanding loans of NT$23.3 trillion in September, gaining NT$119.5 billion from the previous month, while the coverage ratio lost 0.54 percentage points to 264.25 percent, the statement said.

All banks reported bad-loan ratios lower than the 2 percent threshold, it said.

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