The Financial Post reports in its Tuesday edition that credit card portfolios at the big banks are becoming a source of concern in some circles. The Post's Barbara Shecter writes that Canaccord Genuity Group analysts, however, say the reality is better than many investors seem to think. Canadian banks have more than $60-billion in credit card receivables. Analyst Gabriel Dechaine says this represents 3 per cent of sector loans, but generates about 10 per cent of sector profits. Mr. Dechaine does not completely discount concerns that the downturn could lead to higher credit card payment delinquency rates and portfolio deterioration for the big banks. He says, however, this view has "preoccupied" most investors to the point that they ignore the "positive elements underpinning this business." On the bright side, Mr. Dechaine says, most credit quality indicators such as delinquency rates and loan losses remain at benign levels, even falling in some cases. In addition, risk-adjusted margins are still very high. Mr. Dechaine says: "Despite the 'doom and gloom,' most credit metrics for cards are surprisingly resilient. While there has certainly been smoke (rising unemployment) we have yet to see much fire."