HSBC’s 2005 Card Profits Top $700MM
HSBC Finance reported that fourth quarter U.S. bank credit outstandings rose 21% to nearly $27 billion for its 17 million active cardholders. However, the issuer had to set aside more than $100 million in additional funds to cover losses from the fall bankruptcy surge. Globally, interest earned from credit card receivables increased $705 million last year. Average credit card receivable balances were $12 billion higher for 2005. Total private label receivables increased to $15 billion at year-end. The average yields for credit card receivables and total loans were reduced in 2005 as a result of amortization of premiums paid for various credit card portfolios. For complete details on HSBC’s fourth quarter performance, visit CardData (www.carddata.com).
Details