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 services1,251,834  1,237,718  1,286,923  180,047   6,303,575  3,579,687  500,817 
Post-origination services269,874  241,321  103,073  14,420   854,749  640,673  89,633 
Account management services508,625  549,024  489,673  68,508   1,302,170  1,527,037  213,640 
Others157,301  188,577  176,439  24,685   479,095  505,759  70,758 
Total net revenue2,187,634  2,216,640  2,056,108  287,660   8,939,589  6,253,156  874,848 
Operating costs and expenses:              
Sales and marketing1,449,556  1,208,647  1,160,365  162,341   5,421,523  3,496,957  489,241 
Origination and servicing262,050  162,945  156,073  21,835   834,187  491,141  68,713 
General and administrative367,894  175,534  168,092  23,517   1,394,173  601,333  84,130 
Allowance for contract assets and receivables272,889  500,861  344,742  48,231   783,596  1,036,707  145,041 
Total operating costs and expenses2,352,389  2,047,987  1,829,272  255,924   8,433,479  5,626,138  787,125 
Other income/(expenses):              
Interest income, net8,440  25,213  13,825  1,934   58,088  62,913  8,802 
Fair value adjustments related to Consolidated ABFE55,658  5,787  (1,323) (185)  203,278  39,462  5,521 
Others, net1,089  17,480  7,112  995   (5,834) 184,815  25,857 
Total other income65,187  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 expense35,307  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, basic185,024,291  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, diluted185,024,291  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 activities216,874  36,352  808,148  113,064   (2,505,496) 186,065  26,032 
Net cash provided by/ (used in) investing activities2,220,043  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 cash10,707  205,395  (105,919) (14,818)  (2,472,968) (317,697) (44,447)
Cash, cash equivalents and restricted cash, beginning of period1,996,647  2,617,311  2,822,706  394,911   4,480,322  3,034,484  424,540 
Cash, cash equivalents and restricted cash, end of period2,007,354  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 investment18,235,782  11,939,582  9,037,670  1,264,417   53,890,936  32,412,841  4,534,723 
AUM of investment71,950,315  64,476,635  59,792,510  8,365,280   71,950,315
  59,792,510  8,365,280 
Number of investors257,159  157,973  113,955  113,955   647,024  319,538  319,538 
Amount of loans facilitated11,781,947  9,673,818  10,496,261  1,468,481   49,733,287  31,105,001  4,351,750 
Number of borrowers174,630  135,246  150,280  150,280   726,917  423,414  423,414 
Remaining principal of performing loans71,625,593  58,071,303  54,553,702  7,632,343   71,625,593  54,553,702  7,632,343 
               
Segment Information              
Wealth management:              
Revenue543,857  592,378  540,554  75,626   1,498,458  1,654,366  231,454 
Sales and marketing expenses220,561  213,168  219,390  30,694   1,169,242  576,462  80,650 
               
Consumer credit:              
Revenue1,643,777  1,624,262  1,515,554  212,034   7,441,131  4,598,790  643,394 
Sales and marketing expenses1,228,995  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 expense35,307  61,856  19,924  2,788   161,802  158,314  22,149 
Depreciation and amortization35,959  31,112  32,153  4,498   111,356  95,767  13,398 
Share-based compensation60,632  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.
Related Links: 
Author:
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.