Globe Newswire

2019-07-11 07:37

Yirendai Reports First Quarter 2019 Financial Results and Announces the Successful Closing of Business Realignment Transactions with CreditEase

BEIJING, July 10, 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 first quarter ended March 31, 2019 and the successful closing of the business realignment transactions with CreditEase Holdings (Cayman) Limited, or CreditEase.

The business realignment transactions with CreditEase were successfully closed on July 10, 2019 EST.  The entry into definitive agreements relating to the business realignment was previously announced on March 25, 2019. Pursuant to an amendment to the share subscription agreement between Yirendai and CreditEase, the consideration for the business realignment transactions was adjusted to a combination of 61,981,412 ordinary shares of Yirendai and a total of RMB2,889.0 million cash. At the closing, Yirendai issued 61,981,412 ordinary shares and paid RMB230.0 million cash to CreditEase, with the remainder of the cash consideration to be paid by installments in an 18-month period after closing with each payment contingent upon the acquired business achieving certain pre-agreed performance targets. Mr. Ning Tang, the executive chairman of Yirendai and the founder, chairman and Chief Executive Officer of CreditEase, has assumed the Chief Executive Officer role of Yirendai upon the closing of the transactions.

“Today, we are very pleased to announce the successful closing of our business realignment between Yirendai and CreditEase, and I have assumed the CEO role of the combined businesses and working along with our new management team to lead the business forward,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yirendai. “The businesses Yirendai assumed from CreditEase dovetail nicely with our existing operation and provided a strong foundation as we start our new strategic business transformation. The combined credit business will become one of the largest creditech platforms in China that provide a full suite of online/offline multichannel lending products and services. In addition, leveraging our large base of affluent investors, we believe we are well-positioned to build our Yiren Wealth Management business – a one-stop asset allocation-based digital wealth management solution for affluent investors. Along with our new and experienced management team, we look forward to building a leading tech-enabled integrated financial services platform that provides both wealth management and consumer credit services. We believe we are well positioned to capture the significant synergies presented by this business realignment and deliver long-term operating performance and shareholder value as we grow our business. In addition, as part of our strategic expansion, I am also excited to announce that we have signed a preliminary Memorandum of Understanding for the acquisition of a leading supply chain financing platform, DaoKouDai Technology Ltd based in Beijing, which will bring a strong team of experts to help us better serve small and medium enterprises. As part of our business realignment and strategic transformation, we will be operating under a new brand of Yiren Digital. Lastly, I would like to provide my sincere appreciation for the efforts and achievement Yihan Fang has contributed to the Company, and we wish her success in all future endeavors.”

Upon the consummation of the business realignment with CreditEase, the Company will be operating under a new brand of Yiren Digital and will have two main business––Yiren Credit and Yiren Wealth. In addition, the Company’s interim financial statements and operating data for the quarter ended March 31, 2019 reflect the businesses Yirendai assumed from CreditEase. Prior period financials have also been recasted to reflect the acquisition under common control. The valuation of the contingent consideration is preliminary and is subject to change.

First Quarter 2019 Operational Highlights
Wealth Management—Yiren Wealth

  • Cumulative number of investors served reached 2,159,490 as of March 31, 2019, representing an increase of 16% from 1,865,675 March 31, 2018.
     
  • Number of active investors in the first quarter of 2019 was 768,514, representing a decrease of 17% from 931,346 in the first quarter of 2018.
     
  • Total AUM for Yiren Wealth was RMB 47,257.2 million (US$7,041.5 million) as of March 31, 2019, representing a decrease of 4% from RMB 49,212.9 million as of March 31, 2018. Average AUM per investor reached RMB 141,406 (US$20,070) as of March 31, 2019, representing an increase of 12% from RMB 126,526 as of March 31, 2018.
     
  • AUM of non-P2P products amounted to RMB 457.7 million (US$68.2 million) in the first quarter of 2019, representing an increase of 8% from RMB 423.2 million in the first quarter of 2018. Non-p2p products include money market funds, mutual funds and insurance.

Consumer Credit—Yiren Credit

  • Total loan originations in the first quarter of 2019 reached RMB 10.9 billion (US$1.6 billion), representing a decrease of 45% from RMB 19.8 billion in the first quarter of 2018.
     
  • Cumulative number of borrowers served reached 4,404,812, representing an increase of 15% from 3,824,341 in the first quarter of 2018.
     
  • Number of borrowers in the first quarter of 2019 was 149,715, representing a decrease of 48% from 287,166 in the first quarter of 2018.
     
  • The percentage of loan volume generated by repeat borrowers was 38.8% in the first quarter of 2019.
     
  • Total outstanding principal balance of loans reached RMB 63,213.8 million (US$9,419.2 million) as of March 31, 2019, representing a decrease of 16% from RMB 75,271.5 million March 31, 2018.

“Last quarter we accomplished a milestone to prepare Yirendai for the next growth phase and strategic transformation,” said Mr. Dennis Cong, Chief Financial Officer of Yirendai. “With a more diverse and scalable mix of credit and wealth management service platforms as a result of our business realignment with CreditEase, and a more streamlined internal operation and organization, we are starting the rest of 2019 in a stronger position to serve the needs of our customers and drive our future growth. The first quarter of 2019 was a quarter of integration, adjustment, and investment for the company. To ensure better risk management of our platforms, we have taken a more conservative business growth strategy while made strong efforts to optimize our internal resources and operational efficiencies by integrating and consolidating various business functions that will help us to grow our business more effectively in the future. Building on that and with a more constructive regulatory environment of China’s P2P lending industry, we are getting ready to start our new growth phase for our consumer credit business and strategic transformation of our online wealth management businesses going forward. To support our business growth, we have entered into two strategic transactions in the second quarter of 2019 including first, a JV with ZBO Fintech as well as an acquisition of a Hong-Kong based private company that holds Type 1(Dealing in Securities) and Type 2(Dealing in Futures Contract) Licenses under regulations of Hong Kong Securities and Futures Commission to provide better service to our customers.”

First Quarter 2019 Financial Results

Total amount of loans facilitated in the first quarter of 2019 was RMB 10,934.9 million (US$1,629.4 million), compared to RMB 19,771 million in the same period last year. As of March 31, 2019, the total outstanding principal amount of the performing loans was RMB 63.2 billion (US$9.4 billion), decreased by 8% from RMB 68.3 billion as of December 31, 2018. 

Total net revenue in the first quarter of 2019 was RMB 1,980.4 million (US$295.1 million), compared to RMB 3,764.7 million in the same period last year. Revenue from Yiren Credit reached RMB 1,459.0 million (US$217.4 million), representing a decrease of 56% from RMB 3,341.7 million in the first quarter of 2018. Revenue from Yiren Wealth reached RMB 521.4 million (US$77.7 million), representing an increase of 23% from RMB 423.0 million in the first quarter of 2018.

Sales and marketing expenses in the first quarter of 2019 were RMB 1,127.9 million (US$168.1 million), compared to RMB 2,156.0 million in the same period last year. Sales and marketing expenses in the first quarter of 2019 accounted for 10.3% of the total amount of loans facilitated, as compared to 10.9% in the same period last year due to increased marketing efficiencies.

Origination and servicing costs in the first quarter of 2019 were RMB 172.1 million (US$25.6 million), compared to RMB 264.6 million in the same period last year. Origination and servicing costs in the first quarter of 2019 accounted for 1.6% of the total amount of loans facilitated, compared to 1.3% 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 first quarter of 2019 were RMB 257.7 million (US$38.4 million), compared to RMB 522.1 million in the same period last year. General and administrative expenses in the first quarter of 2019 accounted for 13.0% of the total net revenue, compared to 13.9% in the same period last year mainly due to a decline in loan originations.

Allowance for contract assets in the first quarter of 2019 were RMB 191.1 million (US$28.5 million), compared to RMB 235.0 million in the same period last year. The decrease was mainly attributable to changes in future collectability estimates as well as decreased loan origination volume.

Income tax expense in the first quarter of 2019 was RMB 76.5 million (US$11.4 million).

Net income in the first quarter of 2019 was RMB 369.1 million (US$55.0 million), compared to RMB 535.9 million in the same period last year. 

Adjusted EBITDA (non-GAAP) in the first quarter of 2019 was RMB 397.3 million (US$59.2 million), compared to RMB 648.9 million in the same period last year. Adjusted EBITDA margin1 (non-GAAP) in the first quarter of 2019 was 20.1%, compared to 17.2% in the same period last year.

__________________
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 2019 was RMB 3.99 (US$0.59), compared to RMB 5.85 in the same period last year. During 2019 the target business of Ocean was transferred to Yirendai in an internal reorganization under common control. Contemporaneously with this transaction, 30,990,706 shares were issued by Yirendai to affiliate entities. For purposes of calculating earnings per share, weighted average shares prior to the reorganization have been retroactively adjusted to give effect to the reorganization for all historical periods presented in the successor financial statements.

Diluted income per ADS in the first quarter of 2019 was RMB 3.96 (US$0.59), compared to RMB 5.77 in the same period last year.

Net cash used in operating activities in the first quarter of 2019 was RMB 658.3 million (US$98.1 million), compared to net cash used in operating activities of RMB 817.0 million in the same period last year.

As of March 31, 2019, cash and cash equivalents was RMB 2,519.0 million (US$375.3 million), compared to RMB 2,605.9 million as of December 31, 2018. As of March 31, 2019, the balance of held-to-maturity investments was RMB 312.8 million (US$46.6 million), compared to RMB329.6 million as of December 31, 2018. As of March 31, 2019, the balance of available-for-sale investments was RMB 1,187.6 million (US$177.0 million), compared to RMB835.6 million as of December 31, 2018.

Delinquency rates. As of March 31, 2019, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.9%, 1.9%, and 1.7%, compared to 1.0%, 1.8% and 1.7% as of December 31, 2018. The increase in delinquency rates was partially due to the slower growth in loan volumes and volatile credit performance of the loans.

Cumulative M3+ net charge-off rates. As of March 31, 2019, the cumulative M3+ net charge-off rate for loans originated in 2016 was 9.0%. As of March 31, 2019, the cumulative M3+ net charge-off rate for loans originated in 2017 was 12.7%. As of March 31, 2019, the cumulative M3+ net charge-off rate for loans originated in 2018 was 5.9%.

Recent Developments
Strategic Transactions
In July 2019, Yirendai signed a preliminary Memorandum of Understanding for the acquisition of a leading supply chain financing platform, DaoKouDai Technology Ltd which is based in Beijing.

In May 2019, Yirendai and ZBO Fintech established a joint venture to provide creditech solutions to ZBO Fintech as well as various financial institutions. ZBO Fintech is a B2B2C auto financing company incubated by PICC Financial Services Company Ltd. Yirendai and CreditEase Fintech Investment Fund are both shareholders of ZBO Fintech.

In July 2019, Yirendai signed a definitive agreement to acquire a private company incorporated in Hong Kong. The target company has a license to engage in Type 1 and Type 2 regulated activities under the rules and regulations of the Hong Kong Securities and Futures Commission.

Institutional Funding Update
As of July 10, 2019, the Company had secured funding in a total amount of RMB19 billion from four commercial banks in China.

Increase in Registered Capital
In preparation for the upcoming P2P registration and to lay a solid foundation for the future growth, the Company is in the process of increasing its registered capital by RMB500 million effective July 2019.

Management Change
Mr. Ning Tang has assumed the position of the Chief Executive Officer of the Company, while he will continue to serve as the chairman of the board of directors and the Chief Executive Officer of CreditEase.

Ms. Yihan Fang has resigned from her position as Chief Executive Officer of the Company and Yiren Wealth, a business division of the Company, for personal reasons.

Dr. Yichuan Pei has resigned from his position as Chief Risk Officer of the Company for personal reasons.

Mr. Huan Chen, our Board of Director, will assume the position of Chief Risk Officer of the Company, while he will continue to serve as Chief Strategy Officer at CreditEase.

Ms. Wei Wang will assume the role of Chief Executive Officer of Yiren Credit.

Ms. Xiao Shang will assume the role of Chief Executive Officer of Yiren Wealth, while she will continue to serve as a senior vice president at CreditEase Wealth Management.  

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 6.7112 to US$1.00, the effective noon buying rate on March 29, 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. Eastern Time on July 10, 2019, (or 8:00 a.m. Beijing/Hong Kong Time on July 11, 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:4659887

A replay of the conference call may be accessed by phone at the following numbers until July 18, 2019:

International:+61 2-8199-0299
U.S. Toll-Free:+1 646-254-3697
Replay Access Code:5810

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


            
 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
 
  
  March 31,
2018
 March 31,
2019
 March 31,
2019
  December 31,
2018
  
  RMB RMB USD  RMB  
 Net revenue:          
 Loan facilitation services2,997,463  1,055,046  157,207   7,309,403   
 Post-origination services281,118  296,279  44,147   1,601,424   
 Account management services361,742  488,340  72,765   1,806,732   
 Others124,348  140,743  20,971   526,560   
 Total net revenue3,764,671  1,980,408  295,090   11,244,119   
 Operating costs and expenses:          
 Sales and marketing2,155,962  1,127,945  168,069   6,658,270   
 Origination and servicing264,613  172,123  25,647   1,061,289   
 General and administrative522,091  257,705  38,399   1,755,655   
 Allowance for contract assets235,014  191,105  28,476   992,592   
 Total operating costs and expenses3,177,680  1,748,878  260,591   10,467,806   
 Gain on disposal of loan receivable and other beneficial rights-  84,511  12,592   655,884   
 Interest income, net28,269  95,569  14,240   81,899   
 Fair value adjustments related to Consolidated ABFE7,071  34,998  5,215   243,122   
 Non-operating (expenses)/ income, net(576) 4,614  688   26,323   
 Income before provision for income taxes621,755  451,222  67,234   1,783,541   
 Share of results of equity investees(2,324) (5,603) (835)  (9,295)  
 Income tax expense83,578  76,534  11,404   194,287   
 Net income535,853  369,085  54,995   1,579,959   
            
 Weighted average number of ordinary shares outstanding, basic183,349,505  185,126,457  185,126,457   184,225,643   
 Basic income per share2.9226  1.9937  0.2971   8.5762   
 Basic income per ADS5.8452  3.9874  0.5942   17.1524   
            
 Weighted average number of ordinary shares outstanding, diluted185,754,475  186,578,885  186,578,885   186,270,515   
 Diluted income per share2.8847  1.9782  0.2948   8.4821   
 Diluted income per ADS5.7694  3.9564  0.5896   16.9642   
            
 Unaudited Condensed Consolidated Cash Flow Data          
 Net cash used in operating activities(817,030) (658,306) (98,090)  (3,959,107)  
 Net cash (used in)/ provided by investing activities(262,560) (225,931) (33,665)  3,302,148   
 Net cash provided by/ (used in) financing activities236,574  469,889  70,016   (793,472)  
 Effect of foreign exchange rate changes(10,976) (2,196) (327)  3,631   
 Net decrease in cash, cash equivalents and restricted cash(853,992) (416,544) (62,066)  (1,446,800)  
 Cash, cash equivalents and restricted cash, beginning of period4,480,272  3,033,472  452,001   4,480,272   
 Cash, cash equivalents and restricted cash, end of period3,626,280  2,616,928  389,935   3,033,472   
            

 

 Unaudited Condensed Consolidated Balance Sheets 
  (in thousands) 
  As of 
  December 31,
 2018
 March 31,
2019
 March 31,
2019
 
  RMB RMB USD 
        
 Cash and cash equivalents2,605,926  2,519,040  375,349  
 Restricted cash427,546  97,888  14,586  
 Accounts receivable40,310  70,281  10,472  
 Contract assets, net3,909,263  3,431,014  511,237  
 Contract cost145,460  143,323  21,356  
 Prepaid expenses and other assets2,552,319  1,192,574  177,699  
 Loans at fair value1,375,221  851,406  126,863  
 Amounts due from related parties1,357,305  270,626  40,325  
 Held-to-maturity investments329,597  312,768  46,604  
 Available-for-sale investments835,565  1,187,588  176,956  
 Long term investments194,121  143,864  21,436  
 Property, equipment and software, net266,002  239,822  35,735  
 Deferred tax assets184,136  156,322  23,293  
 Right-of-use assets  389,299  58,007  
Total assets14,222,771  11,005,815  1,639,918  
 Accounts payable307,046  53,667  7,997  
 Amounts due to related parties8,246,300  258,038  38,449  
 Liabilities from quality assurance program and guarantee9,950  8,384  1,249  
 Deferred revenue569,469  459,806  68,513  
 Payable to investors at fair value626,207  7,386  1,101  
 Accrued expenses and other liabilities2,193,575  2,154,914  321,092  
 Refund liability2,145,748  2,137,835  318,546  
 Deferred tax liabilities486,773  417,629  62,229  
 Lease liabilities  348,176  51,880  
 Contingent consideration  2,626,734  391,396  
Total liabilities14,585,068  8,472,569  1,262,452  
 Ordinary shares77  77  11  
 Shares to be issued  2,754,444  410,425  
 Additional paid-in capital1,293,968  1,080,395  160,984  
 Treasury stock(254) (5,694) (848) 
 Accumulated other comprehensive income16,390  13,160  1,961  
 Accumulated deficit(1,672,478) (1,309,136) (195,067) 
Total (deficit)/ equity(362,297) 2,533,246  377,466  
Total liabilities and equity14,222,771  11,005,815  1,639,918  
        

 

           
 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
 
  March 31,
2018
 March 31,
2019
 March 31,
2019
  December 31,
 2018
 
  RMB RMB USD  RMB 
 Operating Highlights         
 Amount of investment18,027,655  11,435,588  1,703,956   70,667,346  
 AUM of investment72,733,920  67,251,285  10,020,754   71,091,980  
 Number of investors331,519  200,780  200,780   745,799  
 Amount of loans facilitated19,771,068  10,934,923  1,629,354   63,303,236  
 Number of borrowers287,166  149,715  149,715   922,593  
 Remaining principal of performing loans75,271,466  63,213,843  9,419,156   68,345,361  
           
 Segment Information         
 Wealth management:         
 Revenue422,990  521,434  77,696   2,021,747  
 Sales and marketing expenses698,933  143,904  21,442   1,242,439  
           
 Consumer credit:         
 Revenue3,341,681  1,458,974  217,394   9,222,372  
 Sales and marketing expenses1,457,029  984,041  146,627   5,415,831  
           
 Reconciliation of EBITDA         
 Net income535,853  369,085  54,995   1,579,959  
 Interest income, net(28,269) (95,569) (14,240)  (81,899) 
 Income tax expense83,578  76,534  11,404   194,287  
 Depreciation and amortization38,253  32,502  4,843   147,992  
 Share-based compensation19,533  14,699  2,190   119,998  
 Adjusted EBITDA648,948  397,251  59,192   1,960,337  
 Adjusted EBITDA margin17.2% 20.1% 20.1%  17.4% 

 

Delinquency Rates 
  Delinquent for 
  15-29 days 30-59 days 60-89 days 
All Loans       
December 31, 2014       
December 31, 2015 0.7% 1.2% 1.0% 
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% 

 

 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, 2019
 Total Net Charge-Off
Rate

as of March 31, 2019
 
     (in RMB thousands) (in RMB thousands)   
 2015 I 4,894,936 204,034 4.2% 
   II 17,502,449 779,071 4.5% 
   III 11,272,838 716,717 6.4% 
   IV 11,283,656 1,365,938 12.1% 
   V 11,199,563 1,734,289 15.5% 
   Total 56,153,444 4,800,049 8.5% 
 2016 I 5,858,473 229,860 3.9% 
   II 12,781,372 514,171 4.0% 
   III 9,951,614 711,424 7.1% 
   IV 8,652,543 891,251 10.3% 
   V 16,981,990 2,539,120 15.0% 
   Total 54,225,993 4,885,827 9.0% 
 2017 I 11,223,886 604,798 5.4% 
   II 12,270,230 1,201,390 9.8% 
   III 13,837,922 1,804,614 13.0% 
   IV 13,663,558 1,975,100 14.5% 
   V 19,680,365 3,400,179 17.3% 
   Total 70,675,961 8,986,081 12.7% 
 2018 I 9,604,220 251,825 2.6% 
   II 14,656,703 610,073 4.2% 
   III 13,903,094 756,058 5.4% 
   IV 13,812,989 1,021,518 7.4% 
   V 11,326,230 1,085,458 9.6% 
   Total 63,303,236 3,724,932 5.9% 
           

 

 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%2.2%3.7%5.1%6.2%7.0%7.5%7.9%8.1%8.1%8.2% 
 2015Q2 0.8%2.4%4.0%5.4%6.6%7.5%8.2%8.5%8.7%8.8%8.9% 
 2015Q3 0.4%1.6%3.2%4.5%5.6%6.5%7.1%7.5%7.8%8.1%8.3% 
 2015Q4 0.4%1.6%3.1%4.4%5.5%6.3%6.9%7.4%7.8%8.2%8.5% 
 2016Q1 0.3%1.3%2.5%3.6%4.5%5.2%5.8%6.4%7.0%7.3%7.6% 
 2016Q2 0.4%1.7%3.1%4.3%5.2%6.0%6.8%7.6%8.1%8.4%  
 2016Q3 0.3%1.6%3.0%4.2%5.4%6.6%7.8%8.6%9.1%   
 2016Q4 0.2%1.5%2.9%4.3%5.9%7.4%8.4%9.2%    
 2017Q1 0.3%1.5%3.2%5.1%7.1%8.5%9.7%     
 2017Q2 1.1%2.9%5.6%8.3%10.2%11.9%      
 2017Q3 0.3%2.9%6.3%9.0%11.4%       
 2017Q4 0.5%3.8%7.2%10.4%        
 2018Q1 0.4%3.0%6.5%         
 2018Q2 0.5%3.6%          
 2018Q3 0.3%           
               


source: Yirendai Hong Kong Limited

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