FE Horizon (03360) 3Q profit increases over 10%

    Far East Horizon (03360) said the Group's unaudited profit before taxation and profit attributable to ordinary shareholders for the third quarter ended 30 September 2017 increased by more than 10% as compared with the corresponding period of 2016.
  As at 30 September 2017, the Group's business achieved steady and persistent growth, with total unaudited interest-earning assets increased by more than 25% as compared with those at the end of 2016 (net of assets involved in the asset-backed securities programs of Rmb10 billion completed during the period under review). The total income increased by more than 20% as compared with the corresponding period of 2016, of which the growth rate of service fee income has improved as compared with that in mid-2017.
  The Group adjusted the levels of asset pricing in a timely manner and effectively optimized the capital raising ability to ensure that the Group's net interest spread and net interest margin remained relatively stable. In the meantime, the quality of the Group's assets was further enhanced, the non-performing assets ratio continued to decline and the provision coverage ratio remained at a stable level of over 200%.
  As at 30 September 2017, the Group had achieved an aggregate of over Rmb22 billion in assets securitization, further optimizing the company's asset structure and enhancing the return on assets.