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Yiren Digital Reports Third Quarter 2019 Financial Results

BEIJING, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Yiren Digital Ltd. (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. (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.