Yiren Digital Reports Third Quarter 2019 Financial Results
Thursday, 14. November 2019 22:30
BEIJING, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Operational Highlights Wealth Management—Yiren Wealth
Cumulative number of investors served reached 2,200, 223, representing an increase of 0.7% from 2,185,513 in the second quarter of 2019 and compared to 2,042,607 in the third quarter of 2018.
Number of active investors in the third quarter of 2019 was 586,333, representing a decrease of 13% from 671,957 in the second quarter of 2019.
Total assets under management (“AUM”) for Yiren Wealth’s P2P products was RMB 40,191.7 million (US$ 5,623.0 million) as of September 30, 2019, representing a decrease of 7% from RMB 43,249.9 million as of June 30, 2019. Average AUM per investor reached RMB 152,289 (US$ 21,306) as of September 30, 2019, representing an increase of 1% from RMB 151,378 as of June 30, 2019.
Total assets under administration (“AUA”) of non-P2P products amounted to RMB 767.2 million (US$ 107.3 million) in the third quarter of 2019, representing an increase of 169% from RMB 284.8 million in the second quarter of 2019. Total AUM of non-P2P products was RMB 645.9 million (US$90.4 million) as of September 30, 2019, representing an increase of 80% from RMB 358.6 million as of June 30, 2019. Non-P2P products include bank’s wealth management products, mutual funds and insurance.
Number of non-P2P investors was 19,496 as of September 30, 2019, representing an increase of 14% from 17,133 as of June 30, 2019.
Consumer Credit—Yiren Credit
Total loan originations in the third quarter of 2019 reached RMB 10.5 billion (US$1.5 billion), representing an increase of 9% from RMB 9.7 billion in the second quarter of 2019 and compared to RMB 11.8 billion in the third quarter of 2018.
Cumulative number of borrowers served reached 4,593,590, representing an increase of 2% from 4,491,761 in the second quarter of 2019 and compared to 4,161,600 in the third quarter of 2018.
Number of borrowers in the third quarter of 2019 was 150,280, representing an increase of 11% from 135,246 in the second quarter of 2019 and compared to 174,630 in the third quarter of 2018.
The percentage of loan volume generated by repeat borrowers was 34.0 % in the third quarter of 2019.
45.7% of loan originations were generated online in the third quarter of 2019.
Total outstanding principal balance of performing loans reached RMB 54,553.7 million (US$7,632.3 million) as of September 30, 2019, representing a decrease of 6% from RMB 58,071.3 million as of June 30, 2019.
“We are pleased to deliver solid performance this quarter amidst a tightening regulatory environment, as highlighted by a 48% increase in net profit to RMB 228.0 million from RMB 154.5 million in the previous quarter, a sign of improvement in our business fundamentals and operating efficiency resulted from the synergies of our business re-alignments,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. “Looking forward, we will stay focused on driving our credit business and enhancing shareholder value by expanding our product portfolio, achieving further diversification in funding sources and seeking new marketing channels. On wealth management, we rolled out online financial advisory services to selected clients in the third quarter of 2019 and we will continue to focus on building up our investor’s investment portfolio in non-p2p wealth management products.”
“We resumed loan origination growth this quarter with loan volume increasing to RMB 10.5 billion, representing a 9% growth quarter over quarter,” said Mr. Dennis Cong, Senior VP of Yiren Digital. “Our balance sheet remained strong with approximately RMB 3.0 billion of cash and short-term liquidity. In particular, we also generated a positive net cash flow from operating activities of RMB 808.1 million this quarter, indicating a resilient and profitable business model. On institutional funding, we want to highlight that we have increased the line of facility from our institutional partners to RMB 35.0 billion in the third quarter of 2019 from RMB 30.0 billion in the second quarter of 2019.”
“On credit performance and risk management, we are seeing promising improvements in early delinquencies this quarter indicating an enhanced asset quality” said Mr. Huan Chen, Chief Risk Officer of Yiren Digital. “Despite industry uncertainties our early conservative credit policy adjustment has shown improving trends and we are working with regulators in connecting our data to PBOC.”
Third Quarter 2019 Financial Results
Total amount of loans facilitated in the third quarter of 2019 was RMB 10,496.3 million (US$1,468.5 million), compared to RMB 11,781.9 million in the same period last year. As of September 30, 2019, the total outstanding principal amount of the performing loans was RMB 54.6 billion (US$7.6 billion), decreased by 6% from RMB 58.1 billion as of June 30, 2019.
Total net revenue in the third quarter of 2019 was RMB 2,056.1 million (US$287.7 million), compared to RMB 2,187.6 million in the same period last year. Revenue from Yiren Credit reached RMB 1,515.5 million (US$ 212.1 million), representing a decrease of 8% from RMB 1,643.8 million in the third quarter of 2018. Revenue from Yiren Wealth reached RMB 540.6 million (US$75.6 million), representing a decrease of 1% from RMB 543.8 million in the third quarter of 2018.
Sales and marketing expenses in the third quarter of 2019 were RMB 1,160.4 million (US$162.3 million), compared to RMB 1,449.6 million in the same period last year. Sales and marketing expenses in the third quarter of 2019 accounted for 11.1% of the total amount of loans facilitated, as compared to 12.3% in the same period last year mainly due to an increase in customer acquisition and as well as operating efficiencies.
Origination and servicing costs in the third quarter of 2019 were RMB 156.1 million (US$21.8 million), compared to RMB 262.1 million in the same period last year. Origination and servicing costs in the third quarter of 2019 accounted for 1.5% of the total amount of loans facilitated, compared to 2.2% in the same period last year.
General and administrative expenses in the third quarter of 2019 were RMB 168.1 million (US$23.5 million), compared to RMB 367.9 million in the same period last year. General and administrative expenses in the third quarter of 2019 accounted for 8.2% of the total net revenue, compared to 16.8% in the same period last year.
Allowance for contract assets in the third quarter of 2019 were RMB 344.7 million (US$48.2 million), compared to RMB 272.9 million in the same period last year. The increase was mainly attributable to changes in future collectability estimates.
Income tax expense in the third quarter of 2019 was RMB 19.9 million (US$2.8 million).
Net income in the third quarter of 2019 was RMB 228.0 million (US$31.9 million), compared to a net loss of RMB 135.8 million in the same period last year.
Adjusted EBITDA (non-GAAP) in the third quarter of 2019 was RMB 274.2 million (US$38.4 million), compared to an adjusted EBITDA loss of RMB 12.3 million in the same period last year. Adjusted EBITDA margin1 (non-GAAP) in the third quarter of 2019 was 13.3%, compared to -0.6% in the same period last year.
Basic income per ADS in the third quarter of 2019 was RMB 2.46 (US$0.34), compared to a basic loss per ADS of RMB 1.47 in the same period last year.
Diluted income per ADS in the third quarter of 2019 was RMB 2.45 (US$0.34), compared to a diluted loss per ADS of RMB 1.47 in the same period last year.
Net cash generated from operating activities in the third quarter of 2019 was RMB 808.1 million (US$113.1 million), compared to RMB 216.9 million in the same period last year.
Net cash used in investing activities in the third quarter of 2019 was RMB 924.1 million (US$129.3 million) which includes a payment of RMB 846.0 million made to CreditEase as part of the contingent consideration for the business realignment.
As of September 30, 2019, cash and cash equivalents was RMB 2,633.0 million (US$368.4 million), compared to RMB 2,706.5 million as of June 30, 2019. As of September 30, 2019, the balance of held-to-maturity investments was RMB 8.1 million (US$1.1 million), compared to RMB 9.5 million as of June 30, 2019. As of September 30, 2019, the balance of available-for-sale investments was RMB 426.3 million (US$59.6 million), compared to RMB 387.5 million as of June 30, 2019.
Delinquency rates. As of September 30, 2019, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.0%, 1.8%, and 1.6%, respectively compared to 1.1%, 1.8%, and 1.9%,as of June 30, 2019.
Cumulative M3+ net charge-off rates. As of September 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2016 was 9.4%, compared to 9.2% as of June 30, 2019. As of September 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2017 was 15.3%, compared to 14.0% as of June 30, 2019. As of September 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2018 was 11.6%, compared to 8.7% as of June 30, 2019.
Non-GAAP Financial Measures In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.
Currency Conversion This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB 7.1477 to US$1.00, the effective noon buying rate on September 30, 2019, as set forth in the H.10 statistical release of the Federal Reserve Board.
Conference Call Yiren Digital’s management will host an earnings conference call at 7:00 p.m. U.S. Eastern Time on November 14, 2019, (or 8:00 a.m. Beijing/Hong Kong Time on November 15, 2019).
Dial-in details for the earnings conference call are as follows:
International:
+65 6713-5091
U.S. Toll Free:
+1 866-519-4004
Hong Kong Toll Free:
800-906-601
China Toll Free:
400-620-8038
Conference ID:
9299687
A replay of the conference call may be accessed by phone at the following numbers until November 22, 2019:
International:
+61 2-8199-0299
U.S. Toll Free:
+1 646-254-3697
Replay Access Code:
9299687
Additionally, a live and archived webcast of the conference call will be available at ir.yirendai.com.
Safe Harbor Statement This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About Yiren Digital Yiren Digital Ltd. (NYSE: YRD) is a leading fintech company in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through online and offline channels to efficiently match borrowers with investors and execute loan transactions. Yiren Digital deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yiren Digital’s marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information, please visit ir.Yirendai.com.
For investor and media inquiries, please contact: Yiren Digital Investor Relations Email: ir@Yirendai.com
____________________
1 Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except for share, per share and per ADS data, and percentages)
For the Three Months Ended
For the Nine Months Ended
September 30, 2018
June 30, 2019
September 30, 2019
September 30, 2019
September 30, 2018
September 30, 2019
September 30, 2019
RMB (Recast*)
RMB
RMB
USD
RMB (Recast*)
RMB
USD
Net revenue:
Loan facilitation services
1,251,834
1,237,718
1,286,923
180,047
6,303,575
3,579,687
500,817
Post-origination services
269,874
241,321
103,073
14,420
854,749
640,673
89,633
Account management services
508,625
549,024
489,673
68,508
1,302,170
1,527,037
213,640
Others
157,301
188,577
176,439
24,685
479,095
505,759
70,758
Total net revenue
2,187,634
2,216,640
2,056,108
287,660
8,939,589
6,253,156
874,848
Operating costs and expenses:
Sales and marketing
1,449,556
1,208,647
1,160,365
162,341
5,421,523
3,496,957
489,241
Origination and servicing
262,050
162,945
156,073
21,835
834,187
491,141
68,713
General and administrative
367,894
175,534
168,092
23,517
1,394,173
601,333
84,130
Allowance for contract assets and receivables
272,889
500,861
344,742
48,231
783,596
1,036,707
145,041
Total operating costs and expenses
2,352,389
2,047,987
1,829,272
255,924
8,433,479
5,626,138
787,125
Other income/(expenses):
Interest income, net
8,440
25,213
13,825
1,934
58,088
62,913
8,802
Fair value adjustments related to Consolidated ABFE
55,658
5,787
(1,323
)
(185
)
203,278
39,462
5,521
Others, net
1,089
17,480
7,112
995
(5,834
)
184,815
25,857
Total other income
65,187
48,480
19,614
2,744
255,532
287,190
40,180
Income before provision for income taxes
(99,568
)
217,133
246,450
34,480
761,642
914,208
127,903
Share of results of equity investees
(917
)
(816
)
1,505
211
(5,946
)
(4,268
)
(597
)
Income tax expense
35,307
61,856
19,924
2,788
161,802
158,314
22,149
Net income
(135,792
)
154,461
228,031
31,903
593,894
751,626
105,157
Weighted average number of ordinary shares outstanding, basic
185,024,291
184,608,337
185,548,214
185,548,214
183,933,356
185,095,873
185,095,873
Basic income per share
(0.7339
)
0.8367
1.2290
0.1719
3.2289
4.0607
0.5681
Basic income per ADS
(1.4678
)
1.6734
2.4580
0.3438
6.4578
8.1214
1.1362
Weighted average number of ordinary shares outstanding, diluted
185,024,291
186,667,233
186,351,678
186,351,678
186,088,414
186,433,058
186,433,058
Diluted income per share
(0.7339
)
0.8275
1.2237
0.1712
3.1915
4.0316
0.5640
Diluted income per ADS
(1.4678
)
1.6550
2.4474
0.3424
6.3830
8.0632
1.1280
Unaudited Condensed Consolidated Cash Flow Data (Recast**)
Net cash generated from/ (used in) operating activities
216,874
36,352
808,148
113,064
(2,505,496
)
186,065
26,032
Net cash provided by/ (used in) investing activities
2,220,043
240,896
(924,146
)
(129,293
)
2,426,607
(933,181
)
(130,557
)
Net cash (used in)/ provided by financing activities
(2,307,038
)
(73,385
)
6,886
963
(2,272,048
)
426,890
59,724
Effect of foreign exchange rate changes
(119,172
)
1,532
3,193
448
(122,031
)
2,529
354
Net increase/(decrease) in cash, cash equivalents and restricted cash
10,707
205,395
(105,919
)
(14,818
)
(2,472,968
)
(317,697
)
(44,447
)
Cash, cash equivalents and restricted cash, beginning of period
1,996,647
2,617,311
2,822,706
394,911
4,480,322
3,034,484
424,540
Cash, cash equivalents and restricted cash, end of period
2,007,354
2,822,706
2,716,787
380,093
2,007,354
2,716,787
-
380,093
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
As of
December 31, 2018
June 30, 2019
September 30, 2019
September 30, 2019
RMB (Recast*)
RMB
RMB
USD
Cash and cash equivalents
2,606,939
2,706,530
2,632,952
368,364
Restricted cash
427,546
116,176
83,835
11,729
Accounts receivable
40,326
27,212
67,231
9,406
Contract assets, net
3,909,263
2,958,476
2,598,202
363,502
Contract cost
145,460
141,480
143,066
20,016
Prepaid expenses and other assets
2,552,319
1,142,757
1,280,784
179,188
Loans at fair value
1,375,221
677,354
552,648
77,318
Financing receivables
-
25,175
24,630
3,446
Amounts due from related parties
1,361,805
1,791,515
1,678,499
234,831
Held-to-maturity investments
329,597
9,542
8,051
1,126
Available-for-sale investments
835,565
387,519
426,321
59,644
Long term investments
217,636
143,047
144,552
20,224
Property, equipment and software, net
266,002
230,078
213,962
29,934
Deferred tax assets
184,136
149,269
150,363
21,037
Right-of-use assets
-
398,154
383,545
53,660
Total assets
14,251,815
10,904,284
10,388,641
1,453,425
Accounts payable
307,046
54,158
62,313
8,718
Amounts due to related parties
8,276,459
169,189
289,820
40,547
Liabilities from quality assurance program and guarantee
9,950
6,539
5,644
790
Deferred revenue
569,469
390,621
381,899
53,430
Payable to investors at fair value
626,207
-
-
-
Accrued expenses and other liabilities
2,193,576
2,265,288
2,351,078
328,928
Refund liability
2,145,748
2,039,998
2,002,785
280,200
Deferred tax liabilities
486,773
329,347
267,647
37,445
Lease liabilities
-
341,364
322,832
45,166
Contingent consideration
-
2,626,734
1,780,734
249,134
Total liabilities
14,615,228
8,223,238
7,464,752
1,044,358
Ordinary shares
77
77
121
17
Shares to be issued
-
2,754,444
-
-
Additional paid-in capital
1,293,968
1,106,153
3,872,219
541,743
Treasury stock
(254
)
(37,097
)
(37,097
)
(5,190
)
Accumulated other comprehensive income
16,390
18,367
25,225
3,529
Accumulated deficit
(1,673,594
)
(1,160,898
)
(936,579
)
(131,032
)
Total (deficit)/ equity
(363,413
)
2,681,046
2,923,889
-
409,067
Total liabilities and equity
14,251,815
10,904,284
10,388,641
-
1,453,425
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except for number of borrowers, number of investors and percentages)
For the Three Months Ended
For the Nine Months Ended
September 30, 2018
June 30, 2019
September 30, 2019
September 30, 2019
September 30, 2018
September 30, 2019
September 30, 2019
RMB (Recast*)
RMB
RMB
USD
RMB (Recast*)
RMB
USD
Operating Highlights
Amount of investment
18,235,782
11,939,582
9,037,670
1,264,417
53,890,936
32,412,841
4,534,723
AUM of investment
71,950,315
64,476,635
59,792,510
8,365,280
71,950,315
59,792,510
8,365,280
Number of investors
257,159
157,973
113,955
113,955
647,024
319,538
319,538
Amount of loans facilitated
11,781,947
9,673,818
10,496,261
1,468,481
49,733,287
31,105,001
4,351,750
Number of borrowers
174,630
135,246
150,280
150,280
726,917
423,414
423,414
Remaining principal of performing loans
71,625,593
58,071,303
54,553,702
7,632,343
71,625,593
54,553,702
7,632,343
Segment Information
Wealth management:
Revenue
543,857
592,378
540,554
75,626
1,498,458
1,654,366
231,454
Sales and marketing expenses
220,561
213,168
219,390
30,694
1,169,242
576,462
80,650
Consumer credit:
Revenue
1,643,777
1,624,262
1,515,554
212,034
7,441,131
4,598,790
643,394
Sales and marketing expenses
1,228,995
995,479
940,975
131,647
4,252,281
2,920,495
408,591
Reconciliation of Adjusted EBITDA
Net income
(135,792
)
154,461
228,031
31,903
593,894
751,626
105,157
Interest income, net
(8,440
)
(25,213
)
(13,825
)
(1,934
)
(58,088
)
(62,913
)
(8,802
)
Income tax expense
35,307
61,856
19,924
2,788
161,802
158,314
22,149
Depreciation and amortization
35,959
31,112
32,153
4,498
111,356
95,767
13,398
Share-based compensation
60,632
17,732
7,954
1,113
99,931
40,385
5,650
Adjusted EBITDA
(12,334
)
239,948
274,237
38,368
908,895
983,179
137,552
Adjusted EBITDA margin
-0.6
%
10.8
%
13.3
%
13.3
%
10.2
%
15.7
%
15.7
%
* Prior period financials have been recasted to reflect the acquisition from CreditEase under common control.
**The Company reclassified 368.2 million payments made in the second quarter of 2019 related to future acquisitions from cash used in operating activities to cash used in investing activities.
Delinquency Rates
Delinquent for
15-29 days
30-59 days
60-89 days
All Loans
December 31, 2015
0.7
%
1.2
%
1.0
%
December 31, 2016
0.6
%
0.9
%
0.8
%
December 31, 2017
0.8
%
1.0
%
0.8
%
December 31, 2018
1.0
%
1.8
%
1.7
%
March 31, 2019
0.9
%
1.9
%
1.7
%
June 30, 2019
1.1
%
1.8
%
1.9
%
September 30, 2019
1.0
%
1.8
%
1.6
%
Online Channels
December 31, 2015
0.5
%
0.8
%
0.6
%
December 31, 2016
0.5
%
0.9
%
0.8
%
December 31, 2017
1.1
%
1.1
%
0.9
%
December 31, 2018
1.2
%
2.3
%
2.2
%
March 31, 2019
1.2
%
2.6
%
2.4
%
June 30, 2019
1.4
%
2.2
%
2.6
%
September 30, 2019
1.3
%
2.4
%
2.3
%
Offline Channels
December 31, 2015
0.7
%
1.2
%
1.0
%
December 31, 2016
0.6
%
0.9
%
0.8
%
December 31, 2017
0.6
%
0.9
%
0.7
%
December 31, 2018
0.9
%
1.6
%
1.5
%
March 31, 2019
0.8
%
1.6
%
1.5
%
June 30, 2019
1.0
%
1.6
%
1.7
%
September 30, 2019
0.9
%
1.5
%
1.4
%
Net Charge-Off Rate for Upgraded Risk Grid
Loan Issued Period
Customer Grade
Amount of Loans Facilitated During the Period*
Accumulated M3+ Net Charge-Off as of September 30, 2019*
Total Net Charge-Off Rate as of September 30, 2019*
(in RMB thousands)
(in RMB thousands)
2015
I
4,894,936
201,064
4.1
%
II
14,492,035
486,144
3.4
%
III
11,272,838
711,683
6.3
%
IV
11,283,656
1,357,155
12.0
%
V
11,199,563
1,718,367
15.3
%
Total
53,143,029
4,474,413
8.4
%
2016
I
5,858,273
234,148
4.0
%
II
12,360,346
532,664
4.3
%
III
9,951,614
749,365
7.5
%
IV
8,652,543
922,419
10.7
%
V
16,982,336
2,603,436
15.3
%
Total
53,805,112
5,042,032
9.4
%
2017
I
10,431,218
670,341
6.4
%
II
12,270,230
1,507,339
12.3
%
III
13,837,922
2,183,484
15.8
%
IV
13,663,558
2,356,569
17.2
%
V
19,680,365
3,968,677
20.2
%
Total
69,883,293
10,686,410
15.3
%
2018
I
9,451,125
486,383
5.1
%
II
14,656,758
1,338,476
9.1
%
III
13,903,217
1,624,453
11.7
%
IV
13,812,989
1,961,234
14.2
%
V
11,326,230
1,886,516
16.7
%
Total
63,150,319
7,297,061
11.6
%
2019H1
I
3,911,679
28,326
0.7
%
II
6,050,230
86,221
1.4
%
III
4,993,682
97,867
2.0
%
IV
3,220,517
63,400
2.0
%
V
2,432,632
56,458
2.3
%
Total
20,608,740
332,273
1.6
%
M3+ Net Charge-Off Rate*
Loan Issued Period
Month on Book
4
7
10
13
16
19
22
25
28
31
34
2015Q1
0.8
%
2.0
%
3.4
%
4.7
%
5.7
%
6.5
%
7.1
%
7.5
%
7.7
%
7.8
%
7.8
%
2015Q2
0.8
%
2.3
%
3.8
%
5.2
%
6.4
%
7.3
%
7.9
%
8.3
%
8.5
%
8.7
%
8.8
%
2015Q3
0.4
%
1.6
%
3.1
%
4.4
%
5.6
%
6.5
%
7.1
%
7.6
%
7.9
%
8.1
%
8.4
%
2015Q4
0.4
%
1.6
%
3.1
%
4.4
%
5.5
%
6.3
%
6.9
%
7.4
%
7.9
%
8.3
%
8.5
%
2016Q1
0.3
%
1.2
%
2.5
%
3.6
%
4.5
%
5.2
%
5.8
%
6.4
%
7.0
%
7.4
%
7.6
%
2016Q2
0.4
%
1.6
%
3.1
%
4.3
%
5.2
%
6.0
%
6.8
%
7.6
%
8.1
%
8.4
%
8.7
%
2016Q3
0.3
%
1.6
%
3.1
%
4.3
%
5.4
%
6.6
%
7.8
%
8.6
%
9.2
%
9.5
%
9.8
%
2016Q4
0.2
%
1.5
%
2.9
%
4.4
%
5.9
%
7.4
%
8.4
%
9.3
%
10.0
%
10.4
%
2017Q1
0.3
%
1.5
%
3.2
%
5.1
%
7.1
%
8.6
%
9.8
%
10.8
%
11.5
%
2017Q2
1.1
%
2.9
%
5.6
%
8.4
%
10.4
%
12.1
%
13.5
%
14.5
%
2017Q3
0.3
%
2.9
%
6.3
%
9.1
%
11.6
%
13.6
%
15.0
%
2017Q4
0.5
%
3.8
%
7.2
%
10.4
%
13.2
%
15.3
%
2018Q1
0.4
%
3.0
%
6.6
%
10.1
%
12.9
%
2018Q2
0.5
%
3.6
%
7.4
%
10.8
%
2018Q3
0.3
%
2.9
%
6.2
%
2018Q4
0.3
%
2.5
%
2019Q1
0.2
%
*As one division has already been spun off from the company, as of third quarter 2019, M3+ net charge-off rates no longer reflect the risk performance of loans generated by this division.
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