BEIJING, June 23, 2020 /PRNewswire/ -- Yiren Digital Ltd.
(NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech
company in China, today announced
its unaudited financial results for the first quarter ended
March 31, 2020.
First Quarter 2020 Operational Highlights
Wealth Management—Yiren Wealth
- Cumulative number of investors served reached 2,218,181 as of
March 31, 2020, representing an
increase of 0.3% from 2,210,530 as of December 31, 2019 and compared to 2,159,771 as of
March 31, 2019.
- Number of current investors was 220,568 as of March 31, 2020, representing a decrease of 10.5%
from 246, 561 as of December 31,
2019.
- Number of current non-P2P investors was 26,346 as of
March 31, 2020, representing an
increase of 23.3% from 21,360 as of December
31, 2019 and compared to 19,236 as of March 31, 2019.
- Total assets under administration ("AUA") for P2P products on
Yiren Wealth was RMB 30,536.4 million
(US$ 4,312.6 million) as of
March 31, 2020, representing a
decrease of 10.9% from RMB 34,264.8
million as of December 31,
2019, and compared to RMB 46,236.7
million as of March 31,
2019.
- Total AUA for non-P2P products on Yiren Wealth was RMB 1,713.1 million (US$241.9 million) as of March 31, 2020, representing an increase of 66.8%
from RMB 1,026.9 million as of
December 31, 2019 and compared to
RMB 424.9 million as of March 31, 2019.
- Sales volume of non-P2P products amounted to RMB 2,163.3 million (US$
305.5 million) in the first quarter of 2020, representing a
decrease of 15.1% from RMB 2,548.4
million in the fourth quarter of 2019 and compared to
RMB 328.7 million in the same period
of 2019.
Consumer Credit—Yiren Credit
- Total loan originations in the first quarter of 2020 reached
RMB 1.8 billion (US$0.3 billion), representing a decrease of 77.0%
from RMB 8.0 billion in the fourth
quarter of 2019 and compared to RMB 10.9
billion in the first quarter of 2019.
- Cumulative number of borrowers served reached 4,810,184 as of
March 31, 2020, representing an
increase of 2.4% from 4,695,487 as of December 31, 2019 and compared to 4,405,115 as of
March 31, 2019.
- Number of borrowers served in the first quarter of 2020 was
115,420, representing a decrease of 8.1% from 125,622 in the fourth
quarter of 2019 and compared to 149,715 in the first quarter of
2019.
- The percentage of loan volume generated by repeat borrowers was
4.9% in the first quarter of 2020.
- 51.4% of loan originations were generated online in the first
quarter of 2020.
- Total outstanding principal balance of performing loans reached
RMB 42,063.0 million (US$ 5,940.4 million) as of March 31,2020, representing a decrease of 17.8%
from RMB 51,157.3 million as of
December 31, 2019.
"During this unprecedented time, our core businesses remained
stable while we made substantial progress to diversify and enrich
our business lines as we continue our business transformation into
China's leading digital financial
service platforms for consumers." said Mr. Ning Tang, Chairman and Chief Executive Officer
of Yiren Digital. "We are making good progress in expanding our
creditech business with new products and services and through
rapidly ramping up institutional funding. Meanwhile, our wealth
management has seen strong growth despite the pandemic situation,
especially for non-P2P wealth management products and services.
"For credit business, we have rolled out a series of new
products to provide a full spectrum of credit services and meet
broader needs for mainstream consumers' daily financing, including
small-ticket-shorter-tenor loans, auto loans and SME loans. For the
micro and small loans, we launched our products and services
partnering with online consumption platforms. To fully leverage our
nationwide service network coverage, we have rolled out auto loans
targeted at second-handed cars, and the business has shown
encouraging early growth momentum."
"On the wealth management front, non-P2P products are
increasingly popular among investors and have seen strong
growth. As of March 31, 2020,
the total AUA for non-P2P products on Yiren Wealth grew to
RMB 1,713.1 million, representing a
66.8% quarter-over-quarter growth and 303.2% year-over-year growth.
Particularly we see strong demand of our fund products during the
first quarter, with a 56.8% quarter-over-quarter growth of AUA
driven by our new product offerings and also customers' strong
demand, we expect this growth trends to continue through the
year."
"Under the challenging operating environment amid the pandemic
in the first quarter of 2020, we maintained strong liquidity and
profitability," said Mr. Zhong Bi,
Chief Financial Officer of Yiren Digital. "Despite significant
business volume drop during the quarter, our strong cost control
and operation efficiency efforts have kept our business at a profit
and good cash position. Our cash and cash equivalents remained
stable at RMB 3.2 billion. Our usable
cash maintained at a healthy level at RMB
3.6 billion and we believe we are on solid footing in the
dynamic environment."
"For credit performance and the
risk management, overall, early delinquencies increased in the
first quarter and reached its peak at the end of March due to the
pandemic situation before it quickly declined in April and returned
to near pre-pandemic level in May." said Mr. Michael Ji, Chief Risk Officer of Yiren Digital.
"Visible progress has been made in prioritizing our business toward
higher-quality customers, which was reflected in risk performance
and we are glad to see essential improvement trend in 2019 and we
expect a more substantially improved trend in 2020."
First Quarter 2020 Financial Results
Total amount of loans facilitated in the first
quarter of 2020 was RMB 1,839.5
million (US$259.8 million),
compared to RMB 10,934.9 million in
the same period last year. As of March 31,
2020, the total outstanding principal amount of the
performing loans was RMB 42.1 billion
(US$5.9 billion), decreased by 17.8%
from RMB 51.2 billion as of
December 31 2019.
Total net revenue in the first quarter of 2020 was
RMB 1,023.7 million (US$144.6 million), compared to RMB 1,980.4 million in the same period last year.
Revenue from Yiren Credit reached
RMB 607.8 million (US$ 85.8 million), representing a decrease of
58.3% from RMB 1,459.0 million in the
first quarter of 2019. Revenue from Yiren Wealth reached
RMB 415.9 million (US$58.7 million), representing a decrease of
20.2% from RMB 521.4 million in the
first quarter of 2019.
Sales and marketing expenses in the first quarter of
2020 were RMB 616.4 million
(US$87.1 million), compared to
RMB 1,127.9 million in the same
period last year. Sales and marketing expenses in the first quarter
of 2020 accounted for 33.5% of the total amount of loans
facilitated, as compared to 10.3% in the same period last year
mainly due to the decline of loan volume.
Origination and servicing costs in the first quarter
of 2020 were RMB 102.9 million
(US$14.5 million), compared to
RMB 172.1 million in the same period
last year. Origination and servicing costs in the first quarter of
2020 accounted for 5.6% of the total amount of loans facilitated,
compared to 1.6% in the same period last year due to the decline of
loan volume.
General and administrative expenses in the first quarter
of 2020 were RMB 149.0 million
(US$21.0 million), compared to
RMB 257.7 million in the same period
last year. General and administrative expenses in the first quarter
of 2020 accounted for 14.6% of the total net revenue, compared to
13.0% in the same period last year.
Allowance for contract assets and receivables in the
first quarter of 2020 were RMB 143.4
million (US$20.3 million),
compared to RMB 191.1 million in the
same period last year.
Income tax expense in the first quarter of 2020 was
RMB 3.9 million (US$0.6 million).
Net income in the first quarter of 2020 was
RMB 19.2 million (US$2.7 million), compared to RMB 369.1 million in the same period last
year.
Adjusted EBITDA (non-GAAP) in the first quarter of
2020 was RMB 29.8 million
(US$4.2 million), compared to an
adjusted EBITDA of RMB 469.0 million
in the same period last year. Adjusted EBITDA
margin[1] (non-GAAP) in the first quarter of 2020
was 2.9%, compared to 23.7% in the same period last year.
Basic income per ADS in the first quarter of 2020
was RMB 0.21 (US$0.03), compared to a basic income per ADS of
RMB 3.99 in the same period last
year.
Diluted income per ADS in the first quarter of 2020
was RMB 0.21 (US$0.03), compared to a diluted income per ADS
of RMB 3.96 in the same period last
year.
Net cash generated from operating activities in the
first quarter of 2020 was RMB 557.8
million (US$78.8 million),
compared to net cash used in operating activities of RMB 658.4 million in the same period last
year.
Net cash used in investing activities in the first
quarter of 2020 was RMB 524.5 million
(US$74.1 million), compared to
RMB 249.9 million in the same period
last year.
As of March 31, 2020, cash and
cash equivalents was RMB 3,195.0
million (US$451.2 million),
compared to RMB 3,198.1 million as of
December 31, 2019. As of March 31, 2020, the balance of held-to-maturity
investments was RMB 4.4 million
(US$0.6 million), compared to
RMB 6.6 million as of December 31, 2019. As of March 31, 2020, the balance of available-for-sale
investments was RMB 456.1 million
(US$64.4 million), compared to
RMB 461.0 million as of December 31, 2019.
Delinquency rates. As of March 31,
2020, the delinquency rates for loans that are past due for
15-29 days, 30-59 days and 60-89 days were 1.6%, 4.1%, and 3.2%,
respectively compared to 1.2%, 2.0%, and 1.7%,as of December 31, 2019.
Cumulative M3+ net charge-off rates. As of
March 31, 2020, the cumulative M3+
net charge-off rate for loans originated in 2017 was 16.5%,
compared to 16.0% as of December 31,
2019. As of March 31, 2020,
the cumulative M3+ net charge-off rate for loans originated in 2018
was 15.8%, compared to 13.8% as of December
31, 2019. As of March 31,
2020, the cumulative M3+ net charge-off rate for loans
originated in 2019 was 5.2%, compared to 3.1% as of December 31, 2019.
[1] Adjusted EBITDA
margin is a non-GAAP financial measure calculated as adjusted
EBITDA divided by total net revenue.
|
Accounting Policy Change
Effective January 1, 2020, the
Company adopted ASU No. 2016-13, Financial Instruments—Credit
Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. This guidance replaces the existing "incurred loss"
methodology, and introduces a forward-looking expected loss
approach referred to as a current expected credit losses ("CECL")
methodology. Under the incurred loss methodology, credit losses are
recognized only when the losses are probable of having been
incurred. The CECL methodology requires that the full amount of
expected credit losses for the lifetime be recorded at the time the
financial asset is originated or acquired, and adjusted for changes
in expected lifetime credit losses subsequently, which requires
earlier recognition of credit losses.
The CECL methodology is applicable to estimation of credit
losses of financial assets measured at amortized cost, primarily
including accounts receivable, contract assets, financing
receivables and other receivables. As a result, the Company
recognized the cumulative effect as a decrease of approximately
RMB 26.1 million to the opening
balances of accumulated deficit on January
1, 2020.
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 7.0808
to US$1.00, the effective noon buying
rate on March 31, 2020, 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 8:00 p.m. U.S. Eastern Time on June 23, 2020 (or
8:00 a.m. Beijing/Hong Kong Time on June 24, 2020).
Participants who wish to join the call should register online in
advance of the conference at:
http://apac.directeventreg.com/registration/event/2773237
Please note the Conference ID number of 2773237
Once registration is completed, participants will receive the
dial-in information for the conference call, an event passcode, and
a unique registrant ID number.
Participants joining the conference call should dial-in at least
10 minutes before the scheduled start time.
A replay of the conference call may be accessed by phone at the
following numbers until July 1, 2020:
International
|
+61
2-8199-0299
|
U.S.
|
+1
646-254-3697
|
Replay Access
Code:
|
2773237
|
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, providing both credit and
wealth management services. For its credit business, 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 its wealth
management business, the Company targets China's mass affluent population and strives
to provide customized wealth management services, with a
combination of long-term and short-term targets as well as
different types of investments, ranging from cash and fixed-income
assets, to funds and insurance. 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,
2019
|
|
March 31,
2020
|
|
March 31,
2020
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenue:
|
|
|
|
|
|
Loan facilitation
services
|
1,055,046
|
|
358,541
|
|
50,636
|
Post-origination
services
|
296,279
|
|
146,520
|
|
20,693
|
Account management
services
|
488,340
|
|
413,166
|
|
58,350
|
Others
|
140,743
|
|
105,433
|
|
14,890
|
Total net
revenue
|
1,980,408
|
|
1,023,660
|
|
144,569
|
Operating costs and
expenses:
|
|
|
|
|
|
Sales and
marketing
|
1,127,945
|
|
616,441
|
|
87,058
|
Origination and
servicing
|
172,123
|
|
102,918
|
|
14,535
|
General and
administrative
|
257,707
|
|
149,041
|
|
21,049
|
Allowance for
contract assets and receivables
|
191,104
|
|
143,385
|
|
20,250
|
Total operating costs
and expenses
|
1,748,879
|
|
1,011,785
|
|
142,892
|
Other
income/(expenses):
|
|
|
|
|
|
Interest income,
net
|
23,875
|
|
25,116
|
|
3,547
|
Fair value
adjustments related to Consolidated ABFE
|
34,998
|
|
(26,020)
|
|
(3,675)
|
Others,
net
|
160,223
|
|
12,184
|
|
1,721
|
Total other
income/(expenses)
|
219,096
|
|
11,280
|
|
1,593
|
Income before
provision for income taxes
|
450,625
|
|
23,155
|
|
3,270
|
Share of results of
equity investees
|
(4,957)
|
|
-
|
|
-
|
Income tax
expense
|
76,534
|
|
3,936
|
|
556
|
Net income
|
369,134
|
|
19,219
|
|
2,714
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding, basic
|
185,126,457
|
|
185,600,961
|
|
185,600,961
|
Basic income per
share
|
1.9940
|
|
0.1036
|
|
0.0146
|
Basic income per
ADS
|
3.9880
|
|
0.2072
|
|
0.0292
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding, diluted
|
186,578,885
|
|
186,166,429
|
|
186,166,429
|
Diluted income per
share
|
1.9784
|
|
0.1032
|
|
0.0146
|
Diluted income per
ADS
|
3.9568
|
|
0.2064
|
|
0.0292
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Cash Flow Data
|
|
|
|
|
|
Net cash (used in)/
generated from operating activities
|
(658,435)
|
|
557,762
|
|
78,771
|
Net cash used in
investing activities
|
(249,931)
|
|
(524,479)
|
|
(74,070)
|
Net cash provided by/
(used in) financing activities
|
493,389
|
|
(65,637)
|
|
(9,270)
|
Effect of foreign
exchange rate changes
|
(2,196)
|
|
1,206
|
|
170
|
Net decrease in cash,
cash equivalents and restricted cash
|
(417,173)
|
|
(31,148)
|
|
(4,399)
|
Cash, cash
equivalents and restricted cash, beginning of period
|
3,034,484
|
|
3,269,142
|
|
461,691
|
Cash, cash
equivalents and restricted cash, end of period
|
2,617,311
|
|
3,237,994
|
|
457,292
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in
thousands)
|
|
As
of
|
|
|
December 31,
2019
|
|
March 31,
2020
|
|
March 31,
2020
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
3,198,086
|
|
3,194,993
|
|
451,219
|
Restricted
cash
|
|
71,056
|
|
43,001
|
|
6,073
|
Accounts
receivable
|
|
3,398
|
|
33,902
|
|
4,788
|
Contract
assets, net
|
|
2,398,685
|
|
1,873,548
|
|
264,596
|
Contract
cost
|
|
160,003
|
|
149,917
|
|
21,172
|
Prepaid
expenses and other assets
|
|
1,333,221
|
|
868,462
|
|
122,651
|
Loans at
fair value
|
|
418,492
|
|
313,267
|
|
44,242
|
Financing
receivables
|
|
29,612
|
|
33,381
|
|
4,714
|
Amounts
due from related parties
|
|
988,853
|
|
1,583,859
|
|
223,684
|
Held-to-maturity investments
|
|
6,627
|
|
4,399
|
|
621
|
Available-for-sale investments
|
|
460,991
|
|
456,061
|
|
64,408
|
Property,
equipment and software, net
|
|
195,855
|
|
188,880
|
|
26,675
|
Deferred
tax assets
|
|
45,407
|
|
42,084
|
|
5,943
|
Right-of-use assets
|
|
334,134
|
|
291,028
|
|
41,101
|
Total
assets
|
|
9,644,420
|
|
9,076,782
|
|
1,281,887
|
Accounts
payable
|
|
43,583
|
|
39,068
|
|
5,517
|
Amounts
due to related parties
|
|
106,645
|
|
112,034
|
|
15,822
|
Liabilities from quality assurance program and guarantee
|
|
4,397
|
|
3,487
|
|
492
|
Deferred
revenue
|
|
358,203
|
|
254,933
|
|
36,003
|
Accrued
expenses and other liabilities
|
|
2,338,745
|
|
1,946,205
|
|
274,858
|
Refund
liability
|
|
1,801,535
|
|
1,760,942
|
|
248,692
|
Deferred
tax liabilities
|
|
218,888
|
|
216,304
|
|
30,549
|
Lease
liabilities
|
|
282,334
|
|
259,197
|
|
36,606
|
Total
liabilities
|
|
5,154,330
|
|
4,592,170
|
|
648,539
|
Ordinary
shares
|
|
121
|
|
121
|
|
17
|
Additional
paid-in capital
|
|
5,038,691
|
|
5,045,268
|
|
712,528
|
Treasury
stock
|
|
(37,097)
|
|
(37,097)
|
|
(5,239)
|
Accumulated other comprehensive income
|
|
21,855
|
|
18,671
|
|
2,637
|
Accumulated deficit
|
|
(533,480)
|
|
(542,351)
|
|
(76,595)
|
Total (deficit)/
equity
|
|
4,490,090
|
|
4,484,612
|
|
633,348
|
Total liabilities and
equity
|
|
9,644,420
|
|
9,076,782
|
|
1,281,887
|
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,
2019
|
|
March 31,
2020
|
|
March 31,
2020
|
|
|
RMB
|
|
RMB
|
|
USD
|
Operating
Highlights
|
|
|
|
|
|
|
Amount of p2p
investment
|
|
11,435,588
|
|
5,203,747
|
|
734,909
|
Number of p2p
investors
|
|
200,780
|
|
78,256
|
|
78,256
|
Amount of non-p2p
investment
|
|
328,708
|
|
2,163,313
|
|
305,518
|
Number of non-p2p
investors
|
|
14,022
|
|
18,809
|
|
18,809
|
Amount of loans
facilitated
|
|
10,934,923
|
|
1,839,454
|
|
259,781
|
Number of
borrowers
|
|
149,715
|
|
115,420
|
|
115,420
|
Remaining principal
of performing loans
|
|
63,213,843
|
|
42,063,039
|
|
5,940,436
|
|
|
|
|
|
|
|
Segment
Information
|
|
|
|
|
|
|
Wealth
management:
|
|
|
|
|
|
|
Revenue
|
|
521,434
|
|
415,876
|
|
58,733
|
Sales and marketing
expenses
|
|
143,904
|
|
67,326
|
|
9,508
|
|
|
|
|
|
|
|
Consumer
credit:
|
|
|
|
|
|
|
Revenue
|
|
1,458,974
|
|
607,784
|
|
85,836
|
Sales and marketing
expenses
|
|
984,041
|
|
549,115
|
|
77,550
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA
|
|
|
|
|
|
|
Net income
|
|
369,134
|
|
19,219
|
|
2,714
|
Interest income,
net
|
|
(23,875)
|
|
(25,116)
|
|
(3,547)
|
Income tax
expense
|
|
76,534
|
|
3,936
|
|
556
|
Depreciation and
amortization
|
|
32,502
|
|
27,171
|
|
3,837
|
Share-based
compensation
|
|
14,699
|
|
4,541
|
|
641
|
Adjusted
EBITDA
|
|
468,994
|
|
29,751
|
|
4,201
|
Adjusted EBITDA
margin
|
|
23.7%
|
|
2.9%
|
|
2.9%
|
Delinquency
Rates
|
|
|
Delinquent
for
|
|
|
15-29
days
|
|
30-59
days
|
|
60-89
days
|
All
Loans
|
|
|
|
|
|
|
December 31,
2015
|
0.7%
|
|
1.2%
|
|
0.9%
|
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%
|
December 31,
2019
|
1.2%
|
|
2.0%
|
|
1.7%
|
March 31,
2020
|
|
1.6%
|
|
4.1%
|
|
3.2%
|
|
|
|
|
|
|
|
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%
|
December 31,
2019
|
1.6%
|
|
2.9%
|
|
2.5%
|
March 31,
2020
|
|
1.9%
|
|
5.2%
|
|
3.8%
|
|
|
|
|
|
|
|
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%
|
December 31,
2019
|
1.0%
|
|
1.7%
|
|
1.5%
|
March 31,
2020
|
|
1.6%
|
|
3.7%
|
|
3.1%
|
M3+ Net Charge-Off
Rate
|
Loan Issued
Period
|
|
Amount of Loans
Facilitated
During the Period
|
|
Accumulated M3+
Net Charge-Off
as of March 31, 2020
|
|
Total Net
Charge-Off Rate
as of March 31, 2020
|
|
|
(in RMB
thousands)
|
|
(in RMB
thousands)
|
|
|
2015
|
|
53,143,029
|
|
4,455,505
|
|
8.4%
|
2016
|
|
53,805,112
|
|
5,071,489
|
|
9.4%
|
2017
|
|
69,883,293
|
|
11,506,013
|
|
16.5%
|
2018
|
|
63,176,149
|
|
9,989,880
|
|
15.8%
|
2019
|
|
39,103,048
|
|
2,018,636
|
|
5.2%
|
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%
|
10.7%
|
2017Q1
|
|
0.3%
|
1.5%
|
3.2%
|
5.1%
|
7.1%
|
8.6%
|
9.8%
|
10.8%
|
11.5%
|
12.0%
|
12.2%
|
2017Q2
|
|
1.1%
|
2.9%
|
5.6%
|
8.4%
|
10.4%
|
12.1%
|
13.5%
|
14.5%
|
15.3%
|
15.8%
|
|
2017Q3
|
|
0.3%
|
2.9%
|
6.4%
|
9.1%
|
11.6%
|
13.6%
|
15.0%
|
16.2%
|
16.9%
|
|
|
2017Q4
|
|
0.5%
|
3.9%
|
7.3%
|
10.5%
|
13.2%
|
15.3%
|
16.9%
|
18.0%
|
|
|
|
2018Q1
|
|
0.4%
|
3.0%
|
6.6%
|
10.1%
|
12.9%
|
15.2%
|
16.9%
|
|
|
|
|
2018Q2
|
|
0.5%
|
3.6%
|
7.4%
|
10.8%
|
13.6%
|
15.8%
|
|
|
|
|
|
2018Q3
|
|
0.4%
|
3.0%
|
6.2%
|
9.1%
|
11.7%
|
|
|
|
|
|
|
2018Q4
|
|
0.3%
|
2.5%
|
5.6%
|
8.6%
|
|
|
|
|
|
|
|
2019Q1
|
|
0.2%
|
2.5%
|
5.6%
|
|
|
|
|
|
|
|
|
2019Q2
|
|
0.3%
|
2.9%
|
|
|
|
|
|
|
|
|
|
2019Q3
|
|
0.3%
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/yiren-digital-reports-first-quarter-2020-financial-results-301082237.html
SOURCE Yiren Digital