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 Yirendai Reports Second Quarter 2019 Financial Results
   Tuesday, September 03, 2019 6:00:00 PM ET

BEIJING, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Yirendai Ltd. (NYSE: YRD) (“Yirendai” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the second quarter ended June 30, 2019.

Second Quarter 2019 Operational Highlights
Wealth Management—Yiren Wealth

  • Cumulative number of investors served reached 2,185,513, representing an increase of 1% from 2,159,490 in the first quarter of 2019 and compared to 1,974,984 in the second quarter of 2018.
     
  • Number of active investors in the second quarter of 2019 was 671,957, representing a decrease of 13% from 768,514 in the first quarter of 2019 and compared to 928,251 in the second quarter of 2018.
     
  • Total assets under management (“AUM”) for Yiren Wealth was RMB 43,604.2 million (US$ 6,351.7 million) as of June 30, 2019, representing a decrease of 7% from RMB 46,663.1 million as of March 31, 2019. Average AUM per investor reached RMB 149,480 (US$ 21,774) as of June 30, 2019, representing an increase of 7% from RMB 139,473 as of March 31, 2019.
     
  • AUM of non-P2P products amounted to RMB 354.3 million (US$ 51.6 million) in the second quarter of 2019, representing a decrease of 23% from RMB 457.7 million in the first quarter of 2019 and compared to RMB 951.0 million in the second quarter of 2018. Non-P2P products include money market funds, mutual funds and insurance.


Consumer Credit—Yiren Credit

  • Total loan originations in the second quarter of 2019 reached RMB 9.7 billion (US$1.4 billion), representing a decrease of 12% from RMB 10.9 billion in the first quarter of 2019 and compared to RMB 18.2 billion in the second quarter of 2018.
     
  • Cumulative number of borrowers served reached 4,491,466, representing an increase of 2% from 4,404,812 in the first quarter of 2019 and compared to 4,027,254 in the second quarter of 2018.
     
  • Number of borrowers in the second quarter of 2019 was 135,246, representing a decrease of 10% from 149,715 in the first quarter of 2019 and compared to 267,628 in the second quarter of 2018.
     
  • The percentage of loan volume generated by repeat borrowers was 35.9% in the second quarter of 2019.
     
  • 52.5% of loan originations were generated online in the second quarter of 2019.
     
  • Remaining principal of performing loans reached RMB 58,071.3 million (US$8,459.0 million) as of June 30, 2019, representing a decrease of 8% from RMB 63,213.8 million as of March 31, 2019.

“We achieved another solid quarter of operation in both credit and wealth management business, in particular we gained strong momentum in working with our bank partners to diversify our funding source,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yirendai. “We are seeing strong demand from bank and institutional partners for our stable consumer loan assets, which demonstrated our industry leadership position and strong asset sourcing capabilities leveraging our online/offline network. Our technology enabling solution further strengthen our partnership with banks, we have successfully deployed our turn-key online lending solution to the Bank of Ningxia, which marks the first milestone of our fintech solution for financial institutions. On wealth management, as part of our business transition to an asset-allocation based online wealth management platform, Yiren Wealth launched a new brand and rolled out several new products including bank savings, insurance and target risk funds on our wealth management platforms. We also released the first asset allocation guide targeted at China’s mass affluent population. In the second half of 2019, we will continue to focus on diversifying our wealth management product portfolio, acquiring key talent as well as streamlining our operations to better serve our investors. On the regulation front, we have increased our registered capital to RMB 1 billion, to prepare ourselves for the potential upcoming regulatory trial program.”

“On credit performance and risk management, we saw slight volatilities in early delinquencies this quarter as a result of industry conditions and a declining loan balance,” said Mr. Huan Chen, Board of Director and Chief Risk Officer of Yirendai. “To improve our overall risk levels, we have been actively optimizing our product portfolio to reduce risk exposure and enhancing our risk data set to lower borrowers' over-indebteness risk. Our integration with institutional bank funding could provide further risk performance improvement as we connect to PBOC credit system directly.”

“This quarter, we continue to maintain stable loan originations volume as we prioritize risk management and quality of asset growth,” said Mr. Dennis Cong, Senior V.P. of Yirendai. “Diversifying our funding source continues to be a top priority this year and we are pleased to announce that we have obtained close to RMB 30 billion line of credit from our institutional funding partners, thus we expect a significant portion of our new loan origination volume to be from institutional funding towards the end of 2019. This quarter, we maintained a healthy operating efficiency and profitability despite low business volume, our balance sheet remained strong with approximately RMB 3.1 billion of cash and short-term liquidity.”

Second Quarter 2019 Financial Results

Total amount of loans facilitated in the second quarter of 2019 was RMB 9,673.8 million (US$1,409.2 million), compared to RMB 18,180.3 million in the same period last year. As of June 30, 2019, the total outstanding principal amount of the performing loans was RMB 58.1 billion (US$8.5 billion), decreased by 8% from RMB 63.2 billion as of March 31, 2019

Total net revenue in the second quarter of 2019 was RMB 2,216.6 million (US$322.9 million), compared to RMB 2,987.3 million in the same period last year. Revenue from Yiren Credit reached RMB 1,624.3 million (US$236.6 million), representing a decrease of 34% from RMB 2,455.7 million in the second quarter of 2018. Revenue from Yiren Wealth reached RMB 592.4 million (US$86.3 million), representing an increase of 11% from RMB 531.6 million in the second quarter of 2018.

Sales and marketing expenses in the second quarter of 2019 were RMB 1,208.6 million (US$176.1 million), compared to RMB 1,816.0 million in the same period last year. Sales and marketing expenses in the second quarter of 2019 accounted for 12.5% of the total amount of loans facilitated, as compared to 10.0% in the same period last year mainly due to a decrease in the amount of loans facilitated.  

Origination and servicing costs in the second quarter of 2019 were RMB 162.9 million (US$23.7 million), compared to RMB 307.5 million in the same period last year. Origination and servicing costs in the second quarter of 2019 accounted for 1.7% of the total amount of loans facilitated, compared to 1.7% in the same period last year.

General and administrative expenses in the second quarter of 2019 were RMB 175.5 million (US$25.6 million), compared to RMB 504.2 million in the same period last year. General and administrative expenses in the second quarter of 2019 accounted for 7.9% of the total net revenue, compared to 16.9% in the same period last year mainly due to an expense of RMB 200.0 million related to the quality assurance program in the second quarter of 2018.

Allowance for contract assets and receivables in the second quarter of 2019 were RMB 500.9 million (US$73.0 million), compared to RMB 275.7 million in the same period last year. The increase was mainly attributable to changes in future collectability estimates.

Income tax expense in the second quarter of 2019 was RMB 61.9 million (US$9.0 million).

Net income in the second quarter of 2019 was RMB 154.5 million (US$22.5 million), compared to RMB 193.8 million in the same period last year. 

Adjusted EBITDA (non-GAAP) in the second quarter of 2019 was RMB 239.9 million (US$35.0 million), compared to RMB 272.3 million in the same period last year. Adjusted EBITDA margin1 (non-GAAP) in the second quarter of 2019 was 10.8%, compared to 9.1% in the same period last year.

Basic income per ADS in the second quarter of 2019 was RMB 1.67 (US$0.24), compared to RMB 2.11 in the same period last year.

Diluted income per ADS in the second quarter of 2019 was RMB 1.66 (US$0.24), compared to RMB 2.09 in the same period last year.

Net cash used in operating activities in the second quarter of 2019 was RMB 331.8 million (US$48.3 million), compared to net cash used of RMB 1,905.3 million in the same period last year.

As of June 30, 2019, cash and cash equivalents was RMB 2,706.5 million (US$394.3 million), compared to RMB 2,519.4 million as of March 31, 2019. As of June 30, 2019, the balance of held-to-maturity investments was RMB 9.5 million (US$1.4 million), compared to RMB 312.8 million as of March 31, 2019. As of June 30, 2019, the balance of available-for-sale investments was RMB 387.5 million (US$56.4 million), compared to RMB 1,187.6 million as of March 31, 2019.

Delinquency rates. As of June 30, 2019, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.1%, 1.8%, and 1.9%, respectively compared to 0.9%, 1.9%, and 1.7% as of March 31, 2019. The overall increase in delinquency rates was mainly due to the slower growth in loan volumes and volatile credit performance of the loans.

Cumulative M3+ net charge-off rates. As of June 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2016 was 9.2%, compared to 9.0% as of March 31, 2019. As of June 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2017 was 14.0%, compared to 12.7% as of March 31, 2019. As of June 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2018 was 8.7%, compared to 5.9% as of March 31, 2019

Management Change
Effective September 4, 2019, Mr. Dennis Cong, Co-CFO of Yirendai, will assume the role of Senior Vice President of Corporate Business Development and continue his responsibilities of new business development, capital markets and strategic planning. Ms. Jia Liu, Co-CFO of Yirendai will become the sole CFO of the Company.

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 6.865 to US$1.00, the effective noon buying rate on June 28, 2019, 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 September 3, 2019, (or 8:00 a.m. Beijing/Hong Kong Time on September 4, 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:4045996

A replay of the conference call may be accessed by phone at the following numbers until September 10, 2019:

International:+61 2-8199-0299
U.S. Toll Free:+1 646-254-3697
Replay Access Code:4045996

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. (NYSE: YRD) is a leading fintech company in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through online and offline channels to efficiently match borrowers with investors and execute loan transactions. 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 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
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 Six Months Ended 
 June 30,
2018
 March 31,
2019
 June 30,
2019
 June 30,
2019
  June 30,
2018
 June 30,
2019
 June 30,
2019
 RMB
(Recast*)
 RMB
(Recast*)
 RMB USD  RMB
(Recast*)
 RMB USD
Net revenue:              
Loan facilitation services2,054,278  1,055,046  1,237,718  180,295   5,051,741  2,292,764  333,979 
Post-origination services303,757  296,279  241,321  35,152   584,875  537,600  78,310 
Account management services431,803  488,340  549,024  79,974   793,545  1,037,364  151,109 
Others197,445  140,743  188,577  27,469   321,794  329,320  47,971 
Total net revenue2,987,283  1,980,408  2,216,640  322,890   6,751,955  4,197,048  611,369 
Operating costs and expenses:              
Sales and marketing1,816,005  1,127,945  1,208,647  176,059   3,971,967  2,336,592  340,363 
Origination and servicing307,524  172,123  162,945  23,736   572,137  335,068  48,808 
General and administrative504,175  257,707  175,534  25,569   1,026,279  433,241  63,109 
Allowance for contract assets and receivables275,706  191,104  500,861  72,959   510,707  691,965  100,796 
Total operating costs and expenses2,903,410  1,748,879  2,047,987  298,323   6,081,090  3,796,866  553,076 
Other income/(expenses):              
Interest income, net21,314  23,875  25,213  3,673   49,648  49,088  7,150 
Fair value adjustments related to Consolidated ABFE140,549  34,998  5,787  843   147,620  40,785  5,941 
Others, net(6,347) 160,223  17,480  2,546   (6,923) 177,703  25,886 
Total other income155,516  219,096  48,480  7,062   190,345  267,576  38,977 
Income before provision for income taxes239,389  450,625  217,133  31,629   861,210  667,758  97,270 
Share of results of equity investees(2,705) (4,957) (816) (119)  (5,029) (5,773) (841)
Income tax expense42,916  76,534  61,856  9,010   126,495  138,390  20,159 
Net income193,768  369,134  154,461  22,500   729,686  523,595  76,270 
               
Weighted average number of ordinary shares outstanding, basic183,410,702  185,126,457  184,608,337  184,608,337   183,378,858  184,865,964  184,865,964 
Basic income per share1.0565  1.9940  0.8367  0.1219   3.9791  2.8323  0.4126 
Basic income per ADS2.1130  3.9880  1.6734  0.2438   7.9582  5.6646  0.8252 
               
Weighted average number of ordinary shares outstanding, diluted185,638,122  186,578,885  186,667,233  186,667,233   185,695,053  186,621,626  186,621,626 
Diluted income per share1.0438  1.9784  0.8275  0.1205   3.9295  2.8057  0.4087 
Diluted income per ADS2.0876  3.9568  1.6550  0.2410   7.8590  5.6114  0.8174 
               
Unaudited Condensed Consolidated Cash Flow Data              
Net cash used in operating activities(1,905,334) (658,435) (331,829) (48,336)  (2,722,370) (990,264) (144,248)
Net cash provided by/ (used in) investing activities469,124  (249,931) 609,077  88,722   206,564  359,146  52,316 
Net cash (used in)/provided by financing activities(201,584) 493,389  (73,385) (10,690)  34,990  420,004  61,180 
Effect of foreign exchange rate changes8,117  (2,196) 1,532  223   (2,859) (664) (97)
Net (decrease)/ increase in cash, cash equivalents and restricted cash(1,629,677) (417,173) 205,395  29,919   (2,483,675) (211,778) (30,849)
Cash, cash equivalents and restricted cash, beginning of period3,626,324  3,034,484  2,617,311  381,254   4,480,322  3,034,484  442,022 
Cash, cash equivalents and restricted cash, end of period1,996,647  2,617,311  2,822,706  411,173   1,996,647  2,822,706  411,173 
               

 

Unaudited Condensed Consolidated Balance Sheets
 (in thousands)
  As of
  December 31,
 2018
 March 31,
2019
 June 30,
2019
 June 30,
2019
  RMB
(Recast*)
 RMB
(Recast*)
 RMB USD
         
Cash and cash equivalents 2,606,939  2,519,423  2,706,530  394,250 
Restricted cash 427,546  97,888  116,176  16,923 
Accounts receivable 40,326  70,297  27,212  3,963 
Contract assets, net 3,909,263  3,431,014  2,958,476  430,951 
Contract cost 145,460  143,323  141,480  20,609 
Prepaid expenses and other assets 2,552,319  1,221,074  1,142,757  166,460 
Loans at fair value 1,375,221  851,406  677,354  98,668 
Financing receivables -  -  25,175  3,667 
Amounts due from related parties 1,361,805  270,626  1,791,515  260,964 
Held-to-maturity investments 329,597  312,768  9,542  1,390 
Available-for-sale investments 835,565  1,187,588  387,519  56,449 
Long term investments 217,636  167,428  143,047  20,837 
Property, equipment and software, net 266,002  239,822  230,078  33,515 
Deferred tax assets 184,136  156,322  149,269  21,744 
Right-of-use assets -  389,299  398,154  57,998 
Total assets 14,251,815  11,058,278  10,904,284  1,588,388 
Accounts payable 307,046  53,667  54,158  7,889 
Amounts due to related parties 8,276,459  310,592  169,189  24,646 
Liabilities from quality assurance program and guarantee 9,950  8,384  6,539  953 
Deferred revenue 569,469  459,806  390,621  56,900 
Payable to investors at fair value 626,207  7,386  -  - 
Accrued expenses and other liabilities 2,193,576  2,154,786  2,265,288  329,976 
Refund liability 2,145,748  2,137,835  2,039,998  297,159 
Deferred tax liabilities 486,773  417,629  329,347  47,975 
Lease liabilities -  348,176  341,364  49,725 
Contingent consideration -  2,626,734  2,626,734  382,627 
Total liabilities 14,615,228  8,524,995  8,223,238  1,197,850 
Ordinary shares 77  77  77  11 
Shares to be issued -  2,754,444  2,754,444  401,230 
Additional paid-in capital 1,293,968  1,081,499  1,106,153  161,129 
Treasury stock (254) (5,694) (37,097) (5,404)
Accumulated other comprehensive income 16,390  13,160  18,367  2,676 
Accumulated deficit (1,673,594) (1,310,203) (1,160,898) (169,104)
Total (deficit)/ equity (363,413) 2,533,283  2,681,046  390,538 
Total liabilities and equity 14,251,815  11,058,278  10,904,284  1,588,388 
         

 

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 Six Months Ended 
  June 30,
2018
 March 31, 2019 June 30,
2019
 June 30,
2019
  June 30,
2018
 June 30,
2019
 June 30,
2019
  RMB
(Recast*)
 RMB
(Recast*)
 RMB USD  RMB
(Recast*)
 RMB USD
Operating Highlights               
Amount of investment 17,627,499  11,435,588  11,939,582  1,739,196   35,655,154  23,375,170  3,404,977 
AUM of investment 74,296,263  67,251,285  64,476,635  9,392,081   74,296,263  64,476,635  9,392,081 
Number of investors 314,507  200,780  157,973  157,973   529,962  320,054  320,054 
Amount of loans facilitated 18,180,272  10,934,923  9,673,818  1,409,150   37,951,340  20,608,740  3,002,002 
Number of borrowers 267,628  149,715  135,246  135,246   553,938  280,634  280,634 
Remaining principal of performing loans 76,479,235  63,213,843  58,071,303  8,459,039   76,479,235  58,071,303  8,459,039 
                
Segment Information               
Wealth management:               
Revenue 531,611  521,434  592,378  86,290   954,601  1,113,812  162,245 
Sales and marketing expenses 249,748  143,904  213,168  31,051   948,681  357,072  52,013 
                
Consumer credit:               
Revenue 2,455,672  1,458,974  1,624,262  236,600   5,797,354  3,083,236  449,124 
Sales and marketing expenses 1,566,257  984,041  995,479  145,008   3,023,286  1,979,520  288,350 
                
Reconciliation of Adjusted EBITDA               
Net income 193,768  369,134  154,461  22,500   729,686  523,595  76,270 
Interest income, net (21,314) (23,875) (25,213) (3,673)  (49,648) (49,088) (7,150)
Income tax expense 42,916  76,534  61,856  9,010   126,495  138,390  20,159 
Depreciation and amortization 37,144  32,502  31,112  4,532   75,397  63,614  9,266 
Share-based compensation 19,766  14,699  17,732  2,583   39,299  32,431  4,724 
Adjusted EBITDA 272,280  468,994  239,948  34,952   921,229  708,942  103,269 
Adjusted EBITDA margin 9.1% 23.7% 10.8% 10.8%  13.6% 16.9% 16.9%
                
* Prior period financials have been recasted to reflect the acquisition from Creditease under common control.     
                

 

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%
March 31, 2019 0.9% 1.9% 1.7%
June 30, 2019 1.1% 1.8% 1.9%
       
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%
       
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%
       

 

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 June 30, 2019
 Total Net Charge-Off Rate
as of June 30, 2019
    (in RMB thousands) (in RMB thousands)  
2015 I 4,894,936 204,257 4.2%
  II 17,502,449 490,328 2.8%
  III 11,272,838 715,240 6.3%
  IV 11,283,656 1,362,071 12.1%
  V 11,199,563 1,725,698 15.4%
  Total 56,153,444 4,497,593 8.0%
2016 I 5,858,473 229,407 3.9%
  II 12,781,372 516,174 4.0%
  III 9,951,614 734,157 7.4%
  IV 8,652,543 911,659 10.5%
  V 16,981,990 2,582,818 15.2%
  Total 54,225,993 4,974,216 9.2%
2017 I 11,223,886 626,827 5.6%
  II 12,270,230 1,369,026 11.2%
  III 13,837,922 2,015,072 14.6%
  IV 13,663,558 2,186,320 16.0%
  V 19,680,365 3,720,647 18.9%
  Total 70,675,961 9,917,892 14.0%
2018 I 9,604,220 361,355 3.8%
  II 14,656,703 961,532 6.6%
  III 13,903,094 1,190,224 8.6%
  IV 13,812,989 1,511,587 10.9%
  V 11,326,230 1,513,789 13.4%
  Total 63,303,236 5,538,487 8.7%
2019Q1 I 1,834,364 3,213 0.2%
  II 3,309,340 11,289 0.3%
  III 2,617,979 11,815 0.5%
  IV 1,866,640 8,316 0.4%
  V 1,306,600 6,983 0.5%
  Total 10,934,923 41,617 0.4%
         

 

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% 3.5% 4.7% 5.8% 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% 8.0% 8.3% 8.5% 8.7% 8.8% 
2015Q3 0.4% 1.6% 3.1% 4.4% 5.6% 6.5% 7.2% 7.6% 7.9% 8.2% 8.4% 
2015Q4 0.4% 1.6% 3.1% 4.4% 5.5% 6.3% 6.9% 7.4% 7.9% 8.3% 8.6% 
2016Q1 0.3% 1.2% 2.5% 3.6% 4.5% 5.2% 5.8% 6.5% 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%  
2016Q4 0.2% 1.5% 2.9% 4.4% 5.9% 7.4% 8.4% 9.3% 10.0%   
2017Q1 0.3% 1.5% 3.2% 5.1% 7.1% 8.6% 9.8% 10.8%    
2017Q2 1.1% 2.9% 5.6% 8.4% 10.4% 12.1% 13.5%     
2017Q3 0.3% 2.9% 6.3% 9.1% 11.6% 13.6%      
2017Q4 0.5% 3.8% 7.2% 10.5% 13.2%       
2018Q1 0.4% 3.0% 6.6% 10.1%        
2018Q2 0.5% 3.6% 7.4%         
2018Q3 0.3% 2.9%          
2018Q4 0.3%           
             

 

 

Source: Yirendai Ltd.


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