BEIJING, May 24, 2018 /PRNewswire/ --Yirendai Ltd. (NYSE:
YRD) ("Yirendai" or the "Company"), a leading fintech company
in China, today announced its
unaudited financial results for the quarter ended March 31, 2018.
|
|
|
|
|
For the Three
Months Ended
|
in RMB
million
|
31-Mar-18
|
31-Mar-17
|
YoY
Change
|
Amount of Loans
Facilitated
|
11,956.7
|
7,246.1
|
65%
|
Total Net
Revenue
|
1,592.7
|
1,021.6
|
56%
|
Net Income
|
278.9
|
350.9
|
-21%
|
Adjusted EBITDA
(non-GAAP)
|
879.7
|
400.3
|
120%
|
Adjusted Net Income
(non-GAAP)*
|
668.5
|
350.9
|
91%
|
|
|
|
|
|
* For the first quarter of 2018, adjusted net income includes
RMB389.6 million adjustment on
income earned from loans facilitated prior to 2018, if ASC 606 was
not adopted.
In the first quarter of 2018, Yirendai facilitated RMB11,956.7 million (US$1,906.2 million) of loans to 174,128 qualified
individual borrowers through its online marketplace, representing a
year-over-year growth of 65%; 23.1% of loan volume were generated
by repeat borrowers who have successfully borrowed on Yirendai's
platform before; 72.5% of the borrowers were acquired from online
channels; 100% of the loan volume originated from online
channels was facilitated through mobile.
In the first quarter of 2018, Yirendai facilitated 214,231
investors with total investment amount of RMB11,427.6 million (US$1,821.8 million), 100% of which was
facilitated through its online platform and 95% of which was
facilitated through its mobile application.
In the first quarter of 2018, total net revenue was RMB1,592.7 million (US$253.9 million), an increase of 56% from prior
year; net income was RMB278.9 million
(US$44.5 million), a decrease of 21%
from prior year and adjusted net income in the first quarter of
2018 was RMB668.5 million
(US$106.6 million), an increase of
91% from prior year.
"We are pleased to deliver another strong quarter with solid
results in credit, wealth management and in developing key
institutional partnerships," commented Ms. Yihan Fang, Chief Executive Officer of Yirendai.
"As part of our ongoing efforts to be in compliance with industry
regulations, we have also made several adjustments to our credit
business, including product pricing as well as changing our quality
assurance program this quarter. We will continue to execute our
strategies set for all three business lines to further solidify our
industry leadership and achieve sustainable growth."
"Our first quarter results show a strong start to 2018 with loan
originations increasing by 65% year-over-year, particularly the
continuing momentum of our online channel business" commented Mr.
Dennis Cong, Chief Financial Officer
of Yirendai. "We have delivered a solid net revenue growth of 56%
on a year-over-year basis amid a challenging regulatory and credit
environment. With delinquency rates showing clear recovery and with our proven
capabilities of customer acquisition and risk management, we
believe that we are on a solid footing and well-positioned to
capture the increased market opportunities during the industry
consolidation period."
Accounting Policy Change
Effective January 1, 2018,
Yirendai adopted the new revenue recognition policy, ASC 606-
Revenue from Contracts with Customers, using the modified
retrospective method in accordance with US GAAP. As a result of
adopting ASC 606, the Company recognized the cumulative effect of
initially applying the new revenue standard as an adjustment of
RMB1.7 billion to the opening balance
of retained earnings. This adjustment primarily arose from the
timing of revenue recognition for transaction fees that are
collected on monthly basis, which under the new revenue standard
are recognized at the time of billing instead of upon
collection.
First Quarter 2018 Financial Results
Total amount of loans facilitated in the first quarter of
2018, was RMB11,956.7 million
(US$1,906.2 million), increased by
65% from RMB7,246.1 million in the
same period last year, reflecting strong demand for our products
and services, especially from customers acquired from online
channels. As of March 31, 2018,
Yirendai had facilitated approximately RMB85.9 billion (US$13.7
billion) in loan principal since its inception.
Total net revenue in the first quarter of 2018 was
RMB1,592.7 million (US$253.9 million), increased by 56% from
RMB1,021.6 million in the same period
last year. The increase of total net revenue was mainly
attributable to the growth of loan origination volume as well as
the increase in the total asset under management.
Sales and marketing expenses in the first quarter of 2018
were RMB781.7 million (US$124.6 million), compared to RMB469.4 million in the same period last year.
Sales and marketing expenses in the first quarter of 2018 accounted
for 6.5% of amount of loans facilitated, and remained stable as
compared to 6.5% in the same period last year.
Origination and servicing costs in the first quarter of
2018 were RMB142.7 million
(US$22.8 million), compared to
RMB58.8 million in the same period
last year. Origination and servicing costs in the first quarter of
2018 accounted for 1.2% of amount of loans facilitated, increased
from 0.8% in the same period last year mainly due to increased
collection efforts this quarter.
General and administrative expenses in the first quarter
of 2018 were RMB338.0 million
(US$53.9 million), compared to
RMB100.5 million in the same period
last year. General and administrative expenses in the first quarter
of 2018 accounted for 21.2% of total net revenue, compared to 9.8%
in the same period last year. The increase in general and
administrative expenses was mainly due to an expense of
RMB209.4 million (US$33.4 million) related to the quality assurance
program. Excluding an expense of RMB209.4
million related to the quality assurance program, general
and administrative expenses in the first quarter of 2018 were
RMB 128.6 million, or 8.1% of total
net revenue.
Income tax expense in the first quarter of 2018 was
RMB83.6 million (US$13.3 million). Since the first quarter of
2017, Yi Ren Heng Ye Technology Development (Beijing) Co., Ltd., a subsidiary of the
Company, enjoyed a favorable enterprise income tax rate of 12.5% as
a software enterprise which qualification was confirmed by local
tax bureau in the third quarter of 2016. This makes it eligible for
an exemption of enterprise income tax for 2015 and 2016 and a
favorable enterprise income tax rate of 12.5% for 2017, 2018 and
2019.
Net income in the first quarter of 2018 was RMB278.9 million (US$44.5
million), decreased by 21% from RMB350.9 million in the same period last
year.
Adjusted net income (non-GAAP) in the first quarter of
2018 was RMB668.5 million
(US$106.6 million), increased by 91%
from RMB350.9 million in the same
period last year. For the first quarter of 2018, the previously
mentioned RMB1.7 billion adjustment
to the opening balance of retained earnings would positively impact
net income by RMB389.6 million if ASC
606 was not adopted, generated from loans facilitated prior to
2018.
Adjusted EBITDA (non-GAAP) in the first quarter of 2018
was RMB879.7 million (US$140.2 million), increased by 120% from
RMB400.3 million in the same period
last year. Adjusted EBITDA margin[1] (non-GAAP) in the
first quarter of 2018 was 55.2%, compared to 39.2% in the same
period last year. For the first quarter of 2018, adjusted EBITDA
includes RMB519.4 million adjustment
on pre-tax income earned from loans facilitated prior to 2018, if
ASC 606 was 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 first quarter of 2018 was
RMB4.60 (US$0.73), decreased from RMB5.87 in the same period last year.
Adjusted basic income per ADS in the first quarter of
2018 was RMB11.02 (US$1.76). Adjusted basic income per ADS includes
RMB389.6 adjustment on income earned
from loans facilitated prior to 2018, if ASC 606 was not
adopted.
Diluted income per ADS in the first quarter of 2018 was
RMB4.51 (US$0.72), decreased from RMB5.81 in the same period last year.
Adjusted diluted income per ADS in the first quarter of
2018 was RMB10.80 (US$1.72). Adjusted diluted income per ADS
includes RMB389.6 adjustment on
income earned from loans facilitated prior to 2018, if ASC 606 was
not adopted.
Net cash used in operating activities in the first
quarter of 2018 was RMB337.7 million
(US$53.8million), compared to net
cash generated from operating activities of RMB564.5 million in the same period last year.
The decrease in net cash generated from operating activities is
mainly due to an increase in loans with a monthly fee collection
schedule as well as increased payouts of principal and accrued
interest on default loans from the quality assurance program this
quarter.
As of March 31, 2018, cash and
cash equivalents was RMB1,666.9
million (US$265.7 million),
compared to RMB1,857.2 million as of
December 31, 2017. As of March 31, 2018, balance of held-to-maturity
investments was RMB9.7 million
(US$1.5 million), compared to
RMB9.9 million as of December 31, 2017. As of March 31, 2018, balance of available-for-sale
investments was RMB990.9 million
(US$158.0 million), compared to
RMB969.8 million as of December 31, 2017.
Quality Assurance Program and Guarantee. As a result of
the short-term volatility of borrower credit performance, in the
first quarter of 2018, Yirendai accrued liabilities from quality
assurance program and guarantee of RMB948.6
million (US$151.2 million),
which is equal to approximately 11% of the loans facilitated
through its marketplace covered by the quality assurance program
during the period. In the first quarter of 2018, the Company
released liabilities of RMB1,206.4
million (US$192.3 million) to
pay out the outstanding principal and accrued interest of default
loans. During the quarter, the Company recognized an additional
contingent liability of RMB209.4
million (US$33.4 million)
after evaluating future payouts. As of March
31, 2018, liabilities from quality assurance program and
guarantee were RMB2,745.5 million
(US$437.7 million).
Delinquency rates. As of March 31,
2018, the delinquency rates for loans that are past due for
15-29 days, 30-59 days and 60-89 days were 0.8%, 1.6% and 1.3%,
compared to 0.8%, 0.9% and 0.7%, as of December 31, 2017. The delinquency rates for
loans that are past due for 30-89 days has increased as compared to
prior quarter due to a short-term volatility of borrower credit
performance since December
2017.
Cumulative M3+ net charge-off rates. As of
March 31, 2018, the cumulative M3+
net charge-off rate for loans originated in 2015 was 9.7%, compared
to 9.3% as of December 31, 2017. As
of March 31, 2018, the cumulative M3+
net charge-off rate for loans originated in 2016 was 7.4%, compared
to 5.9% as of December 31, 2017. As
the 2015 and 2016 vintage loans continue to mature, the charge off
level is broadly consistent with our risk performance
expectation.
Other Operating Metrics and Business Results
- As of March 31, 2018, remaining
principal of performing loans totaled RMB43.8 billion (US$7.0
billion), increased by 8% from RMB40.6 billion as of December 31, 2017 and 82% from RMB24.0 billion as of March 31, 2017.
- In the first quarter of 2018, Grade I, II, III, IV and V loans
represented 8.8%, 25.4%, 25.5%, 28.1% and 12.2% of the Company's
product portfolio, respectively.
Other Developments
Change in Quality Assurance Program
To ensure compliance with regulatory requirements, for loans
facilitated subsequent to May 2018,
they will no longer be covered by Yirendai's quality assurance
program. Loans facilitated through Yirendai's online marketplace
with a 12-month term and with an amount not exceeding RMB200,000 will be covered through PICC's surety
insurance program. All other loans will be covered by third-party
guarantee companies and the guarantee companies will charge
borrowers a guarantee fee for the guarantee services.
Business Outlook
Based on the information available as of the date of this press
release, Yirendai provides the following outlook, which reflects
the Company's current and preliminary view and is subject to
change.
Full year 2018
- Total loans facilitated will be in the range of
RMB48 billion to RMB52 billion.
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 RMB6.2726
to US$1.00, the effective noon buying
rate on March 30, 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 8:00 p.m. U.S. Eastern Time on May 24, 2018, (or
8:00 a.m. Beijing/Hong Kong Time on May 25, 2018).
Dial-in details for the earnings conference call are as
follows:
International:
|
+65
6713-5090
|
U.S. Toll
Free:
|
+1
866-519-4004
|
Hong Kong Toll
Free:
|
800-906-601
|
China:
|
400-620-8038
|
Conference
ID:
|
9298548
|
A replay of the conference call may be accessed by phone at the
following numbers until June 1, 2018:
International:
|
+61
2-8199-0299
|
U.S. Toll
Free:
|
+1
855-452-5696
|
Replay Access
Code:
|
9298548
|
A live and archived webcast of the conference call will be
available on Yirendai's website 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. (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 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.
Unaudited
Condensed Consolidated Statements of Operations
|
(in
thousands, except for share, per share and per ADS data, and
percentages)
|
|
For the Three
Months Ended
|
|
March 31,
2017
|
|
March 31,
2018
|
|
March 31,
2018
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenue:
|
|
|
|
|
|
Loan facilitation
services
|
976,398
|
|
1,402,052
|
|
223,520
|
Post-origination
services
|
33,312
|
|
143,466
|
|
22,872
|
Others
|
11,889
|
|
47,173
|
|
7,521
|
Total net
revenue
|
1,021,599
|
|
1,592,691
|
|
253,913
|
Operating costs and
expenses:
|
|
|
|
|
|
Sales and
marketing
|
469,380
|
|
781,726
|
|
124,625
|
Origination and
servicing
|
58,784
|
|
142,740
|
|
22,756
|
General and
administrative
|
100,498
|
|
338,030
|
|
53,890
|
Total operating costs
and expenses
|
628,662
|
|
1,262,496
|
|
201,271
|
Interest
income
|
24,149
|
|
28,276
|
|
4,508
|
Fair value
adjustments related to Consolidated ABFE
|
1,355
|
|
4,463
|
|
711
|
Non-operating income,
net
|
207
|
|
(452)
|
|
(72)
|
Income before
provision for income taxes
|
418,648
|
|
362,482
|
|
57,789
|
Income tax
expense/(benefit)
|
67,747
|
|
83,578
|
|
13,324
|
Net income
|
350,901
|
|
278,904
|
|
44,465
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding,
basic
|
119,560,832
|
|
121,368,093
|
|
121,368,093
|
Basic income per
share
|
2.9349
|
|
2.2980
|
|
0.3664
|
Basic income per
ADS
|
5.8698
|
|
4.5960
|
|
0.7328
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding,
diluted
|
120,842,350
|
|
123,773,063
|
|
123,773,063
|
Diluted income per
share
|
2.9038
|
|
2.2533
|
|
0.3592
|
Diluted income per
ADS
|
5.8076
|
|
4.5066
|
|
0.7184
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Cash Flow Data
|
|
|
|
|
|
Net cash generated
from/(used in) operating activities
|
564,504
|
|
(337,727)
|
|
(53,842)
|
Net cash used in
investing activities
|
(427,686)
|
|
(382,191)
|
|
(60,930)
|
Net cash used in
financing activities
|
(44,841)
|
|
(45,176)
|
|
(7,202)
|
Effect of foreign
exchange rate changes
|
(3,779)
|
|
(10,976)
|
|
(1,750)
|
Net
increase/(decrease) in cash, cash equivalents and restricted
cash
|
88,198
|
|
(776,070)
|
|
(123,724)
|
Cash, cash
equivalents and restricted cash, beginning of period
|
2,186,511
|
|
3,662,868
|
|
583,947
|
Cash, cash
equivalents and restricted cash, end of period
|
2,274,709
|
|
2,886,798
|
|
460,223
|
Unaudited
Consolidated Balance Sheet
|
(in
thousands)
|
|
As
of
|
|
December
31, 2017
|
|
March 31,
2018
|
|
March 31,
2018
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
Cash and
cash equivalents
|
1,857,175
|
|
1,666,866
|
|
265,737
|
Restricted
cash
|
1,805,693
|
|
1,219,932
|
|
194,486
|
Accounts
receivable
|
21,368
|
|
10,956
|
|
1,747
|
Prepaid
expenses and other assets
|
1,062,484
|
|
1,191,191
|
|
189,904
|
Loans at
fair value
|
791,681
|
|
888,786
|
|
141,693
|
Amounts
due from related parties
|
117,222
|
|
129,229
|
|
20,602
|
Held-to-maturity investments
|
9,944
|
|
9,679
|
|
1,543
|
Available-for-sale investments
|
969,759
|
|
990,873
|
|
157,968
|
Property,
equipment and software, net
|
82,249
|
|
83,279
|
|
13,277
|
Deferred
tax assets
|
801,089
|
|
747,697
|
|
119,201
|
Contract
assets
|
-
|
|
2,848,676
|
|
454,146
|
Total
assets
|
7,518,664
|
|
9,787,164
|
|
1,560,304
|
Accounts
payable
|
33,841
|
|
35,747
|
|
5,699
|
Amounts
due to related parties
|
76,544
|
|
70,875
|
|
11,299
|
Liabilities from quality assurance program and
guarantee
|
2,793,948
|
|
2,745,530
|
|
437,702
|
Deferred
revenue
|
222,906
|
|
-
|
|
-
|
Payable to
investors at fair value
|
113,445
|
|
75,983
|
|
12,114
|
Accrued
expenses and other liabilities
|
1,296,650
|
|
1,179,850
|
|
188,096
|
Deferred
tax liability
|
11,277
|
|
736,818
|
|
117,467
|
Contract
liabilities
|
-
|
|
98,253
|
|
15,664
|
Total
liabilities
|
4,548,611
|
|
4,943,056
|
|
788,041
|
Ordinary
shares
|
76
|
|
76
|
|
12
|
Additional
paid-in capital
|
1,123,443
|
|
1,149,698
|
|
183,288
|
Accumulated other comprehensive income
|
11,478
|
|
(1,502)
|
|
(240)
|
Retained
earnings
|
1,835,056
|
|
3,695,836
|
|
589,203
|
Total
equity
|
2,970,053
|
|
4,844,108
|
|
772,263
|
Total liabilities and
equity
|
7,518,664
|
|
9,787,164
|
|
1,560,304
|
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
|
|
March 31,
2017
|
|
March 31,
2018
|
|
March 31,
2018
|
|
RMB
|
|
RMB
|
|
USD
|
Operating
Highlights
|
|
|
|
|
|
Amount of loans
facilitated
|
7,246,085
|
|
11,956,720
|
|
1,906,182
|
Loans
generated from online channels
|
3,590,130
|
|
6,940,343
|
|
1,106,454
|
Loans
generated from offline channels
|
3,655,955
|
|
5,016,377
|
|
799,728
|
Number of
borrowers
|
124,953
|
|
174,128
|
|
174,128
|
Borrowers
from online channels
|
86,095
|
|
126,276
|
|
126,276
|
Borrowers
from offline channels
|
38,858
|
|
47,852
|
|
47,852
|
Number of
investors
|
192,505
|
|
214,231
|
|
214,231
|
Investors
from online channels
|
192,505
|
|
214,231
|
|
214,231
|
Adjusted
EBITDA
|
400,297
|
|
879,714
|
|
140,248
|
Adjusted EBITDA
margin
|
39.2%
|
|
55.2%
|
|
55.2%
|
|
|
|
|
|
|
Reconciliation of
Net Income
|
|
|
|
|
|
Net income
|
350,901
|
|
278,904
|
|
44,465
|
Adjustments on net income
generated from loans
pre-2018 (before adopting ASC606)
|
-
|
|
389,575
|
|
62,107
|
Adjusted net
income
|
350,901
|
|
668,479
|
|
106,572
|
|
|
|
|
|
|
Reconciliation of
EBITDA
|
|
|
|
|
|
Net income
|
350,901
|
|
278,904
|
|
44,465
|
Adjustments on income before
income taxes, generated
from loans pre-2018 (before adopting ASC606)
|
-
|
|
519,434
|
|
82,810
|
Interest
income
|
(24,149)
|
|
(28,276)
|
|
(4,508)
|
Income tax
expense
|
67,747
|
|
83,578
|
|
13,324
|
Depreciation and
amortization
|
4,176
|
|
8,500
|
|
1,355
|
Share-based
compensation
|
1,622
|
|
17,574
|
|
2,802
|
Adjusted
EBITDA
|
400,297
|
|
879,714
|
|
140,248
|
Operating
Highlights
|
(in
thousands)
|
|
As
of
|
|
December 31,
2017
|
|
March 31,
2018
|
|
March 31,
2018
|
|
RMB
|
|
RMB
|
|
USD
|
Operating
Highlights
|
|
|
|
|
|
Remaining principal
of performing loans
|
40,616,167
|
|
43,843,775
|
|
6,989,729
|
Remaining principal
of performing loans
covered by quality assurance program and
guarantee
|
39,717,029
|
|
40,855,141
|
|
6,513,271
|
Delinquency
Rates
|
|
|
Delinquent
for
|
|
|
15-29
days
|
|
30-59
days
|
|
60-89
days
|
All
Loans
|
|
|
|
|
|
|
December 31,
2013
|
|
0.2%
|
|
0.4%
|
|
0.3%
|
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%
|
March 31,
2018
|
|
0.8%
|
|
1.6%
|
|
1.3%
|
|
|
|
|
|
|
|
Online
Channels
|
|
|
|
|
|
|
December 31,
2013
|
|
0.1%
|
|
0.9%
|
|
0.3%
|
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%
|
March 31,
2018
|
|
1.0%
|
|
2.2%
|
|
1.8%
|
|
|
|
|
|
|
|
Offline
Channels
|
|
|
|
|
|
|
December 31,
2013
|
|
0.3%
|
|
0.2%
|
|
0.2%
|
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%
|
March 31,
2018
|
|
0.6%
|
|
1.1%
|
|
0.8%
|
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 March 31, 2018
|
|
Total Net
Charge-Off Rate
as of March 31, 2018
|
|
|
|
|
(in RMB
thousands)
|
|
(in RMB
thousands)
|
|
|
2014
|
|
I
|
|
-
|
|
-
|
|
-
|
|
|
II
|
|
1,921,372
|
|
88,935
|
|
4.6%
|
|
|
III
|
|
303,276
|
|
20,243
|
|
6.7%
|
|
|
IV
|
|
-
|
|
-
|
|
-
|
|
|
V
|
|
3,913
|
|
518
|
|
13.2%
|
|
|
Total
|
|
2,228,561
|
|
109,696
|
|
4.9%
|
2015
|
|
I
|
|
146,490
|
|
3,606
|
|
2.5%
|
|
|
II
|
|
1,614,354
|
|
89,853
|
|
5.6%
|
|
|
III
|
|
2,521,705
|
|
203,123
|
|
8.1%
|
|
|
IV
|
|
2,506,107
|
|
251,706
|
|
10.0%
|
|
|
V
|
|
2,768,957
|
|
377,809
|
|
13.6%
|
|
|
Total
|
|
9,557,613
|
|
926,097
|
|
9.7%
|
2016
|
|
I
|
|
497,220
|
|
10,813
|
|
2.2%
|
|
|
II
|
|
3,137,889
|
|
103,629
|
|
3.3%
|
|
|
III
|
|
3,763,081
|
|
178,508
|
|
4.7%
|
|
|
IV
|
|
5,183,233
|
|
330,967
|
|
6.4%
|
|
|
V
|
|
7,799,180
|
|
875,525
|
|
11.2%
|
|
|
Total
|
|
20,380,603
|
|
1,499,442
|
|
7.4%
|
2017
|
|
I
|
|
2,701,162
|
|
22,188
|
|
0.8%
|
|
|
II
|
|
9,079,647
|
|
151,933
|
|
1.7%
|
|
|
III
|
|
10,611,451
|
|
280,844
|
|
2.6%
|
|
|
IV
|
|
10,263,135
|
|
339,982
|
|
3.3%
|
|
|
V
|
|
8,750,663
|
|
444,412
|
|
5.1%
|
|
|
Total
|
|
41,406,058
|
|
1,239,359
|
|
3.0%
|
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%
|
|
2015Q3
|
|
0.2%
|
1.6%
|
3.4%
|
4.9%
|
6.4%
|
7.4%
|
8.1%
|
8.6%
|
9.1%
|
|
|
2015Q4
|
|
0.2%
|
1.6%
|
3.2%
|
4.9%
|
6.2%
|
7.2%
|
8.0%
|
8.7%
|
|
|
|
2016Q1
|
|
0.2%
|
1.3%
|
2.9%
|
4.3%
|
5.4%
|
6.4%
|
7.2%
|
|
|
|
|
2016Q2
|
|
0.2%
|
1.7%
|
3.4%
|
4.9%
|
6.1%
|
7.1%
|
|
|
|
|
|
2016Q3
|
|
0.1%
|
1.5%
|
3.2%
|
4.6%
|
6.0%
|
|
|
|
|
|
|
2016Q4
|
|
0.2%
|
1.5%
|
3.0%
|
4.6%
|
|
|
|
|
|
|
|
2017Q1
|
|
0.2%
|
1.4%
|
3.2%
|
|
|
|
|
|
|
|
|
2017Q2
|
|
0.3%
|
2.0%
|
|
|
|
|
|
|
|
|
|
2017Q3
|
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/yirendai-reports-first-quarter-2018-financial-results-300654543.html
SOURCE Yirendai Ltd.