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Yirendai Reports Fourth Quarter and Full Year 2018 Financial Results

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BEIJING, March 25, 2019 (GLOBE NEWSWIRE) -- Yirendai Ltd. (YRD) (“Yirendai” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the quarter and full year ended December 31, 2018.

For Three Months Ended

For Twelve Months Ended

in RMB million

December
31, 201
8

December
31, 2017

YoY
Change

December
31, 2018

December
31, 2017

YoY
Change

Amount of Loans Facilitated

8,367.2

13,438.5

-38

%

38,606.3

41,406.1

-7

%

Total Net Revenue

1,270.7

1,824.8

-30

%

5,620.7

5,543.4

1

%

Net Income

331.4

448.8

-26

%

966.6

1,371.8

-30

%

Adjusted EBITDA (non-GAAP)*

691.3

542.7

27

%

2,460.6

1,743.8

41

%

Adjusted Income (non-GAAP)*

565.0

448.8

26

%

1,901.4

1,371.8

39

%

* For the fourth quarter of 2018, adjusted EBITDA and adjusted net income includes RMB 233.6 million post-tax adjustment on income earned from loans facilitated prior to 2018, if ASC 606 was not adopted.

In the fourth quarter of 2018, Yirendai facilitated RMB 8,367.2 million (US$1,217.0 million) of loans to 111,274 qualified individual borrowers through its online marketplace; 31.4% of loan volume was generated by repeat borrowers who have successfully borrowed on Yirendai’s platform before; 60.8% of the borrowers were acquired from online channels; 100% of the loan volume originated from online channels was facilitated through mobile.

In the fourth quarter of 2018, Yirendai facilitated 144,965 investors with total investment amount of RMB 11,847.8 million (US$1,723.2 million), 100% of which was facilitated through its online platform and 97% of which was facilitated through its mobile application.

In the fourth quarter of 2018, total net revenue was RMB 1,270.7 million (US$184.8 million), a decrease of 30% from prior year; net income was RMB 331.4 million (US$48.2 million), a decrease of 26% from prior year and adjusted net income in the fourth quarter of 2018 was RMB 565.0 million (US$82.2 million), an increase of 26% from prior year.

For the full year of 2018, Yirendai facilitated RMB 38,606.3 million (US$5,615.1 million) of loans to 553,726 qualified individual borrowers through its online marketplace; 26.6% of loan volume were generated by repeat borrowers who have successfully borrowed on Yirendai’s platform before; 71.8% of the borrowers were acquired from online channels; 100% of the loan volume originated from online channels was facilitated through mobile.

For the full year of 2018, Yirendai facilitated 485,519 investors with total investment amount of RMB 46,863.4 million (US$6,816.0 million), 100% of which was facilitated through its online platform and 96% of which was facilitated through its mobile application.

For the full year of 2018, total net revenue was RMB 5,620.7 million (US$817.5 million), an increase of 1% from prior year; net income was RMB 966.6 million (US$140.6 million), a decrease of 30% from prior year and adjusted net income for the full year of 2018 was RMB 1,901.4 million (US$276.5 million), an increase of 39% from prior year.

“Yirendai has continued to deliver strong results,” commented Ms. Yihan Fang, Chief Executive Officer of Yirendai. “Demand for our wealth management product continues to be strong, close to half a million retail investors chose to invest in our platform this year despite volatilities in the industry and we continue to see average AUM per investor increasing. 2019 will be an important year for our online wealth management business as we strategically focus to provide more diversified products to better serve our investors.”

“We are pleased to conclude 2018 on a solid note with loan volume growing 28% from prior quarter and we are progressing smoothly with the current industry regulation evaluation process,” commented Mr. Dennis Cong, Chief Financial Officer of Yirendai. “This quarter, we continue to make progress in expanding our institutional partnerships which will help drive our business growth in 2019. Going into 2019, we will maintain focused on continual diversification in funding sources, expanding our loan product mix as well as enhancing our risk management strategies to support our credit and wealth management business growth.”

Fourth Quarter 2018 Financial Results
Total amount of loans facilitated in the fourth quarter of 2018, was RMB 8,367.2 million (US$1,217.0 million), decreased by 38% from RMB 13,438.5 million in the same period last year as we proactively controlled our business growth. As of December 31, 2018, Yirendai had facilitated approximately RMB 112.6 billion (US$16.4 billion) in loan principal since its inception.

Total net revenue in the fourth quarter of 2018 was RMB 1,270.7 million (US$184.8 million), decreased by 30% from RMB 1,824.8 million in the same period last year. The decrease of total net revenue was mainly attributable to a decline in loan origination volume.

Sales and marketing expenses in the fourth quarter of 2018 were RMB 499.4 million (US$72.6 million), compared to RMB 989.8 million in the same period last year. Sales and marketing expenses in the fourth quarter of 2018 accounted for 6.0% of amount of loans facilitated, decreased from 7.4% in the same period last year due to increased marketing efficiencies.

Origination and servicing costs in the fourth quarter of 2018 were RMB 199.6 million (US$29.0 million), compared to RMB 146.9 million in the same period last year. Origination and servicing costs in the fourth quarter of 2018 accounted for 2.4% of amount of loans facilitated, increased from 1.1% in the same period last year mainly due to increased collection efforts and a decline in loan origination volume.

General and administrative expenses in the fourth quarter of 2018 were RMB 106.7 million (US$15.5 million), compared to RMB 155.1 million in the same period last year. General and administrative expenses in the fourth quarter of 2018 accounted for 8.4% of total net revenue, compared to 8.5% in the same period last year.

Allowance for contract assets in the fourth quarter of 2018 were RMB 173.5 million (US$25.2 million) compared to RMB 214.7 million in the third quarter of 2018. The decrease in the allowance for contract assets was mainly attributable to changes in future collectability estimates.

Income tax expense in the fourth quarter of 2018 was RMB 35.5 million (US$5.2 million).

Net income in the fourth quarter of 2018 was RMB 331.4 million (US$48.2 million), decreased by 26% from RMB 448.8 million in the same period last year.

Adjusted net income (non-GAAP) in the fourth quarter of 2018 was RMB 565.0 million (US$82.2 million), increased by 26% from RMB 448.8 million in the same period last year. For the fourth quarter of 2018, net income would be positively impacted by RMB 233.6 million if ASC 606 were not adopted, generated from loans facilitated prior to 2018.

Adjusted EBITDA (non-GAAP) in the fourth quarter of 2018 was RMB 691.3 million (US$100.6 million), increased by 27% from RMB 542.7 million in the same period last year. Adjusted EBITDA margin1 (non-GAAP) in the fourth quarter of 2018 was 54.4%, compared to 29.7% in the same period last year. For the fourth quarter of 2018, adjusted EBITDA would include RMB 311.4 million adjustment on pre-tax income earned from loans facilitated prior to 2018, if ASC 606 were not adopted.

1 Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.

Basic income per ADS in the fourth quarter of 2018 was RMB 5.38 (US$0.78), decreased from RMB 7.40 in the same period last year.

Adjusted basic income per ADS in the fourth quarter of 2018 was RMB 9.18 (US$1.34). Adjusted basic income per ADS would include RMB 233.6 million adjustment on income earned from loans facilitated prior to 2018, if ASC 606 were not adopted.

Diluted income per ADS in the fourth quarter of 2018 was RMB 5.31 (US$0.77), decreased from RMB 7.25 in the same period last year.

Adjusted diluted income per ADS in the fourth quarter of 2018 was RMB 9.05 (US$1.32). Adjusted diluted income per ADS would include RMB 233.6 million adjustment on income earned from loans facilitated prior to 2018, if ASC 606 were not adopted.

Net cash generated from operating activities in the fourth quarter of 2018 was RMB 1,025.9 million (US$149.2 million), compared to net cash used in operating activities of RMB 138.2 million in the third quarter of 2018.

As of December 31, 2018, cash and cash equivalents was RMB 2,028.7 million (US$295.1 million), compared to RMB 806.9 million as of September 30, 2018. As of December 31, 2018, balance of held-to-maturity investments was RMB 315.6 million (US$45.9 million), compared to RMB 319.6 million as of September 30, 2018. As of December 31, 2018, balance of available-for-sale investments was RMB 832.5 million (US$121.1 million), compared to RMB 833.8 million as of September 30, 2018.

Delinquency rates. As of December 31, 2018, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.0%, 1.9% and 1.8%, compared to 1.1%, 1.8% and 1.5%, as of September 30, 2018. The increase in delinquency rates was partially due to the slower loan volume growth as well as continuous movements in the Company’s asset credit performance.

Cumulative M3+ net charge-off rates. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2015 was 10.3%, compared to 10.3% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2016 was 10.3%, compared to 9.6% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2017 was 10.9%, compared to 8.5% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off for loans originated in 2018 was 3.4%.

Other Operating Metrics and Business Results

  • As of December 31, 2018, remaining principal of performing loans totaled RMB 40.9 billion (US$5.9 billion), decreased by 4% from RMB 42.6 billion as of September 30, 2018 and increased by 1% from RMB 40.6 billion as of December 31, 2017.

Recent Development
Mr. Yang Cao will be resigning from his position as Chief Operating Officer and Chief Technology Officer for personal reasons to spend more time with family effective from end of March 2019, and he will continue to stay on as an advisor to CreditEase.

To strengthen the company’s finance management team, Ms. Jia Liu currently VP of Finance will become Co-CFO together with Dennis Cong, Chief Financial Officer of Yirendai.

Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted net income, adjusted EBITDA, adjusted EBITDA margin, adjusted basic income per ADS and adjusted diluted income per ADS 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 6.8755 to US$1.00, the effective noon buying rate on December 31, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call
Yirendai's management will host an earnings conference call at 7:00 a.m. Eastern Time on March 25, 2019, (or 7:00 p.m. Beijing/Hong Kong Time on March 25, 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:

3288029

A replay of the conference call may be accessed by phone at the following numbers until March 31, 2018:

International:

+61 2-8199-0299

U.S. Toll Free:

+1 646-254-3697

Replay Access Code:

3288029

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 Yirendai’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 Yirendai’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 Yirendai’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 Yirendai’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 Yirendai 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 Yirendai
Yirendai 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 an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai 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. Yirendai’s online 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:
Yirendai
Hui (Matthew) Li/Lydia Yu
Investor Relations
Email: ir@yirendai.com


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 Year Ended

December 31,
2017

September 30,
2018

December 31,
2018

December 31,
2018

December 31,
2017

December 31,
2018

December 31,
2018

RMB

RMB

RMB

USD

RMB

RMB

USD

Net revenue:

Loan facilitation services

1,703,931

516,849

651,137

94,704

5,226,691

3,413,052

496,408

Post-origination services

62,564

79,665

95,985

13,960

187,216

290,728

42,285

Account management services

-

441,146

421,234

61,266

-

1,625,461

236,413

Others

58,295

83,514

102,311

14,881

129,443

291,487

42,395

Total net revenue

1,824,790

1,121,174

1,270,667

184,811

5,543,350

5,620,728

817,501

Operating costs and expenses:

Sales and marketing

989,811

450,986

499,414

72,637

2,921,236

2,525,876

367,373

Origination and servicing

146,915

154,953

199,579

29,028

417,882

644,303

93,710

General and administrative

155,090

167,288

106,701

15,519

526,845

944,675

137,397

Allowance for contract assets

-

214,695

173,498

25,234

-

667,846

97,135

Total operating costs and expenses

1,291,816

987,922

979,192

142,418

3,865,963

4,782,700

695,615

Interest income, net

30,054

7,856

15,166

2,206

114,851

71,301

10,370

Fair value adjustments related to Consolidated ABFE

(16,802

)

44,627

54,591

7,940

(40,124

)

246,284

35,821

Non-operating income, net

(44

)

41

5,685

827

876

5,279

768

Income before provision for income taxes

546,182

185,776

366,917

53,366

1,752,990

1,160,892

168,845

Income tax expense

97,370

34,163

35,492

5,162

381,207

194,287

28,258

Net income

448,812

151,613

331,425

48,204

1,371,783

966,605

140,587

Weighted average number of ordinary shares outstanding, basic

121,319,117

123,042,879

123,111,561

123,111,561

120,457,573

122,244,231

122,244,231

Basic income per share

3.6994

1.2322

2.6921

0.3915

11.3881

7.9072

1.1501

Basic income per ADS

7.3988

2.4644

5.3842

0.7830

22.7762

15.8144

2.3002

Weighted average number of ordinary shares outstanding, diluted

123,744,151

124,875,663

124,825,873

124,825,873

122,256,838

124,289,103

124,289,103

Diluted income per share

3.6269

1.2141

2.6551

0.3862

11.2205

7.7771

1.1311

Diluted income per ADS

7.2538

2.4282

5.3102

0.7724

22.4410

15.5542

2.2622

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from/(used in) operating activities

1,275,309

(138,204

)

1,025,896

149,211

2,716,513

(820,182

)

(119,291

)

Net cash (used in)/ provided by investing activities

(193,498

)

(82,268

)

266,886

38,817

(374,597

)

(689,443

)

(100,275

)

Net cash used in financing activities

(581,752

)

(105,574

)

(72,397

)

(10,530

)

(849,450

)

(25,963

)

(3,776

)

Effect of foreign exchange rate changes

9,018

15,405

(8,915

)

(1,297

)

(16,109

)

3,631

528

Net increase/(decrease) in cash, cash equivalents and restricted cash

509077

(310,641

)

1,211,470

176,201

1,476,357

(1,531,957

)

(222,814

)

Cash, cash equivalents and restricted cash, beginning of period

3,153,791

1,230,082

919,441

133,727

2,186,511

3,662,868

532,742

Cash, cash equivalents and restricted cash, end of period

3,662,868

919,441

2,130,911

309,928

3,662,868

2,130,911

309,928



Unaudited Consolidated Balance Sheet

(in thousands)

As of

December 31, 2017

September 30, 2018

December 31, 2018

December 31, 2018

RMB

RMB

RMB

USD

Cash and cash equivalents

1,857,175

806,946

2,028,748

295,069

Restricted cash

1,805,693

112,495

102,163

14,859

Accounts receivable

21,368

6,616

8,782

1,277

Contract assets, net

-

2,115,608

1,891,438

275,098

Contract cost

-

134,577

139,965

20,357

Prepaid expenses and other assets

1,068,990

1,180,650

729,296

106,073

Loans at fair value

791,681

1,335,584

1,075,097

156,366

Amounts due from related parties

117,222

121,864

121,464

17,666

Held-to-maturity investments

9,944

319,639

315,641

45,908

Available-for-sale investments

963,253

833,835

832,465

121,077

Property, equipment and software, net

82,249

96,640

89,831

13,065

Deferred tax assets

801,089

231,655

184,136

26,781

Total assets

7,518,664

7,296,109

7,519,026

1,093,596

Accounts payable

33,841

33,170

30,349

4,414

Amounts due to related parties

73,887

102,844

230,656

33,548

Liabilities from quality assurance program and guarantee

2,793,948

6,470

9,950

1,447

Deferred revenue

222,906

376,905

275,825

40,117

Payable to third-party credit assurance program

-

353,040

-

-

Payable to investors at fair value

113,445

13,944

7,693

1,119

Accrued expenses and other liabilities

1,299,307

1,074,196

1,088,372

158,296

Refund liability

-

-

252,367

36,705

Deferred tax liabilities

11,277

561,370

502,903

73,144

Total liabilities

4,548,611

2,521,939

2,398,115

348,790

Ordinary shares

76

77

77

11

Additional paid-in capital

1,123,854

1,266,534

1,293,968

188,200

Treasury stock

(254

)

(254

)

(37

)

Accumulated other comprehensive income

11,067

18,360

16,390

2,384

Retained earnings

1,835,056

3,489,453

3,810,730

554,248

Total equity

2,970,053

4,774,170

5,120,911

744,806

Total liabilities and equity

7,518,664

7,296,109

7,519,026

1,093,596



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 Year Ended

December 31,
2017

September 30,
2018

December 31,
2018

December 31,
2018

December 31,
2017

December 31,
2018

December 31,
2018

RMB

RMB

RMB

USD

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated

13,438,520

6,546,167

8,367,171

1,216,955

41,406,058

38,606,273

5,615,050

Loans generated from online channels

7,709,403

4,147,761

4,025,837

585,534

22,543,298

22,722,351

3,304,829

Loans generated from offline channels

5,729,117

2,398,406

4,341,334

631,421

18,862,760

15,883,922

2,310,221

Number of borrowers

202,370

96,402

111,274

111,274

649,154

553,726

553,726

Borrowers from online channels

150,982

72,108

67,625

67,625

472,960

397,824

397,824

Borrowers from offline channels

51,388

24,294

43,649

43,649

176,194

155,902

155,902

Number of investors

233,374

164,218

144,965

144,965

592,642

485,519

485,519

Investors from online channels

233,374

164,218

144,965

144,965

592,642

485,519

485,519

Reconciliation of Net Income

Net income

448,812

151,613

331,425

48,204

1,371,783

966,605

140,587

Adjustments on net income generated from loans pre-2018 (before adopting ASC606)

-

215,920

233,575

33,972

-

934,794

135,960

Adjusted net income

448,812

367,533

565,000

82,176

1,371,783

1,901,399

276,547

Reconciliation of EBITDA

Net income

448,812

151,613

331,425

48,204

1,371,783

966,605

140,587

Adjustments on income before income taxes, generated from loans pre-2018 (before adopting ASC606)

-

287,892

311,434

45,296

-

1,246,392

181,280

Interest income, net

(30,054

)

(7,856

)

(15,166

)

(2,206

)

(114,851

)

(71,301

)

(10,370

)

Income tax expense

97,370

34,163

35,492

5,162

381,207

194,287

28,258

Depreciation and amortization

7,738

10,944

10,871

1,581

23,729

39,434

5,736

Share-based compensation

18,838

32,537

17,286

2,514

81,980

85,188

12,390

Adjusted EBITDA

542,704

509,293

691,342

100,551

1,743,848

2,460,605

357,881

Adjusted EBITDA margin

29.7

%

45.4

%

54.4

%

54.4

%

31.5

%

43.8

%

43.8

%



Operating Highlights

(in thousands)

As of

December 31,
2017

September 30,
2018

December 31,
2018

December 31,
2018

RMB

RMB

RMB

USD

Operating Highlights

Remaining principal of performing loans

40,616,167

42,576,846

40,868,161

5,944,027

Remaining principal of performing loans covered by quality assurance program and guarantee

39,717,029

124,811

101,363

14,743

Remaining principal of performing loans covered by third-party credit assurance program

-

38,960,185

37,749,862

5,490,490

Delinquency Rates

Delinquent for

15-29 days

30-59 days

60-89 days

All Loans

December 31, 2014

0.3

%

0.2

%

0.2

%

December 31, 2015

0.4

%

0.5

%

0.4

%

December 31, 2016

0.4

%

0.7

%

0.6

%

December 31, 2017

0.8

%

0.9

%

0.7

%

December 31, 2018

1.0

%

1.9

%

1.8

%

Online Channels

December 31, 2014

0.4

%

0.3

%

0.2

%

December 31, 2015

0.6

%

0.8

%

0.6

%

December 31, 2016

0.6

%

1.0

%

0.8

%

December 31, 2017

1.2

%

1.2

%

0.9

%

December 31, 2018

1.2

%

2.4

%

2.2

%

Offline Channels

December 31, 2014

0.3

%

0.2

%

0.2

%

December 31, 2015

0.3

%

0.4

%

0.3

%

December 31, 2016

0.4

%

0.6

%

0.4

%

December 31, 2017

0.5

%

0.7

%

0.5

%

December 31, 2018

0.8

%

1.4

%

1.3

%



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 December 31, 2018

Total Net Charge-Off Rate
as of December 31, 2018

(in RMB thousands)

(in RMB thousands)

2014

I

-

-

-

II

1,921,372

82,989

4.3

%

III

303,276

18,937

6.2

%

IV

-

-

-

V

3,913

518

13.2

%

Total

2,228,561

102,444

4.6

%

2015

I

146,490

4,638

3.2

%

II

1,614,354

101,327

6.3

%

III

2,521,705

215,384

8.5

%

IV

2,506,107

272,121

10.9

%

V

2,768,957

391,705

14.1

%

Total

9,557,613

985,174

10.3

%

2016

I

497,220

20,336

4.1

%

II

3,137,889

170,796

5.4

%

III

3,763,081

266,983

7.1

%

IV

5,183,233

468,372

9.0

%

V

7,799,180

1,171,998

15.0

%

Total

20,380,603

2,098,484

10.3

%

2017

I

2,701,162

111,688

4.1

%

II

9,079,647

749,174

8.3

%

III

10,611,451

1,211,262

11.4

%

IV

10,263,135

1,285,630

12.5

%

V

8,750,663

1,166,265

13.3

%

Total

41,406,058

4,524,019

10.9

%

2018

I

4,004,135

45,778

1.1

%

II

11,390,441

260,898

2.3

%

III

11,230,283

340,428

3.0

%

IV

8,174,933

385,731

4.7

%

V

3,806,481

273,467

7.2

%

Total

38,606,273

1,306,302

3.4

%

M3+ Net Charge-Off Rate

Loan issued period

Month on Book

4

7

10

13

16

19

22

25

28

31

34

2013Q1

1.9

%

3.2

%

3.1

%

2.3

%

2.0

%

0.9

%

0.5

%

0.5

%

0.4

%

0.4

%

0.4

%

2013Q2

1.8

%

3.6

%

4.5

%

5.9

%

6.4

%

7.4

%

6.1

%

7.0

%

7.5

%

7.5

%

7.8

%

2013Q3

0.5

%

2.8

%

4.2

%

5.5

%

6.1

%

6.5

%

7.1

%

7.1

%

7.0

%

6.9

%

6.9

%

2013Q4

0.7

%

3.4

%

4.8

%

6.2

%

6.8

%

7.5

%

8.3

%

8.3

%

8.2

%

8.5

%

8.3

%

2014Q1

1.0

%

4.2

%

6.1

%

7.0

%

8.4

%

9.3

%

9.8

%

9.7

%

9.9

%

9.8

%

9.5

%

2014Q2

0.5

%

1.8

%

2.6

%

3.8

%

4.3

%

4.6

%

4.6

%

4.7

%

4.7

%

4.7

%

4.8

%

2014Q3

0.2

%

0.8

%

2.0

%

2.8

%

3.3

%

3.7

%

4.0

%

4.2

%

4.2

%

4.1

%

4.1

%

2014Q4

0.3

%

1.5

%

2.7

%

3.5

%

4.1

%

4.6

%

5.1

%

5.2

%

5.2

%

5.3

%

5.3

%

2015Q1

0.6

%

2.7

%

4.4

%

5.8

%

7.1

%

8.2

%

9.1

%

9.6

%

9.9

%

10.2

%

10.3

%

2015Q2

0.5

%

2.1

%

3.7

%

5.3

%

6.6

%

7.7

%

8.6

%

9.2

%

9.6

%

9.8

%

10.1

%

2015Q3

0.2

%

1.6

%

3.4

%

4.9

%

6.4

%

7.4

%

8.1

%

8.6

%

9.1

%

9.5

%

9.8

%

2015Q4

0.2

%

1.6

%

3.2

%

4.9

%

6.2

%

7.2

%

8.0

%

8.7

%

9.4

%

10.0

%

10.4

%

2016Q1

0.2

%

1.3

%

2.9

%

4.3

%

5.4

%

6.4

%

7.2

%

8.1

%

8.9

%

9.5

%

2016Q2

0.2

%

1.7

%

3.4

%

4.9

%

6.1

%

7.1

%

8.3

%

9.4

%

10.1

%

2016Q3

0.1

%

1.5

%

3.2

%

4.6

%

6.0

%

7.5

%

9.0

%

9.9

%

2016Q4

0.2

%

1.5

%

3.0

%

4.6

%

6.4

%

8.2

%

9.3

%

2017Q1

0.2

%

1.4

%

3.2

%

5.4

%

7.6

%

9.1

%

2017Q2

0.3

%

2.0

%

4.7

%

7.5

%

9.4

%

2017Q3

0.4

%

3.0

%

6.5

%

9.2

%

2017Q4

0.6

%

4.2

%

7.4

%

2018Q1

0.5

%

3.1

%

2018Q2

0.6

%