Credit card receivables up 10% to P132.24B in 2011

More consumers used credit cards to buy goods and services last year, pushing the receivables of banks by nearly 10 percent, the Bangko Sentral ng Pilipinas (BSP) reported Tuesday.

 

Central bank data showed that credit card receivables of universal, commercial, and thrift banks increased by 9.93 percent to P132.24 billion last year from P120.3 billion in 2010.

 

Universal and commercial banks accounted for 99.6 percent of the total credit card receivables in 2011, with thrift banks having a marginal share of 0.4 percent.

 

Receivables of universal and commercial banks and their subsidiaries climb 10 percent to P131.76 billion from P119.75 billion in the same comparable period, and receivables of thrift banks fell 11.55 percent to P481 million from P544 million.

 

Non-performing credit card receivables improved by 3.57 percent to P14.41 billion from P14.95 billion, while the industry’s loan loss reserves declined by 8.5 percent to P11.9 billion from P13.01 billion, according to the central bank.

 

The ratio of non-performing credit card receivables to total credit card receivables of the industry improved to 1.53 percent from 1.94 percent, the BSP noted. —VS, GMA News