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Nova Credit Announces Estimated Bankruptcy Rate 0.170% in 2023 Q1

According to the latest macro-economic data (as of 2 March 2023) and the unemployment rate (provisional figures), NOVA announces the latest estimated bankruptcy rate for the next 12 months at 0.170%, which is equivalent to 9,520 bankruptcy cases by the end of February 2024 for 5.6 million credit population in Hong Kong. 

Calculation of this estimated bankruptcy rate is based on the latest macro-economic data up to 2 March 2023. According to the statistics released by the Census and Statistics Department, the year-on-year percentage change of GDP as of Q4 2022 is -4.2%, which affects the predicted bankruptcy rate. However, the impact was offset by the decline in unemployment. The unemployment rate decreased by 0.3% to 3.4% in January 2023 compared to November 2022.

We expected that Hong Kong’s economy will rebound significantly in 2023, as estimated by the HKSAR government.

We will continuously monitor the macro-economic environment and its impact on the number of bankruptcy cases accordingly, and leverage innovative technology for sharing valuable findings with the banking sector for making more accurate and timely business decisions.