Banks’ receivables up 4.3% to P51.7-B in Q3 of 2003

Receivables of the credit card industry continued to grow, rising by 4.3 percent to P51.7 billion in the third quarter of 2003 from P49.53 billion in the second quarter, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.

In the same period in 2002, the industry’s receivables amounted to P51.566 billion.

Based on the BSP data, the credit card receivables (CCRs) of universal and commercial banks alone rose from P47.345 billion in the second quarter of 2003 to P49.451 billion in July to September 2003.

Compared to the total loan portfolio of banks, the BSP said the share of CCRs increased from 3.07 percent to 3.13 percent, making it the fastest growing business of the local banking industry.

According to the BSP, the combined past due CCRs of commercial banks and thrift banks together with their subsidiary credit card companies increased dramatically from P8.6 billion or 17.4 percent of total CCRs to P9.284 billion or 17.96 percent of total CCRs.

The BSP also disclosed that the proportion of past-due CRRs to the total non-performing loans of banks increased significantly from 2.84 percent to 3.17 percent.

Foreign commercial banks continued to account for bulk of the total CCRs at 71.9 percent while domestic KBs and TBs including their subsidiary credit card companies held the remaining 28.1 percent.