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Yirendai Reports Fourth Quarter and Full Year 2018 Financial Results03/25/19

BEIJING, March 25, 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 quarter and full year ended December 31, 2018.

  For Three Months Ended   For Twelve Months Ended
in RMB million December
31, 201
8
December
31, 2017
YoY
Change
  December
31, 2018
December
31, 2017
YoY
Change
Amount of Loans Facilitated 8,367.2 13,438.5 -38 %   38,606.3 41,406.1 -7 %
Total Net Revenue 1,270.7 1,824.8 -30 %   5,620.7 5,543.4 1 %
Net Income 331.4 448.8 -26 %   966.6 1,371.8 -30 %
Adjusted EBITDA (non-GAAP)* 691.3 542.7 27 %   2,460.6 1,743.8 41 %
Adjusted Income (non-GAAP)* 565.0 448.8 26 %   1,901.4 1,371.8 39 %

* For the fourth quarter of 2018, adjusted EBITDA and adjusted net income includes RMB 233.6 million post-tax adjustment on income earned from loans facilitated prior to 2018, if ASC 606 was not adopted.

In the fourth quarter of 2018, Yirendai facilitated RMB 8,367.2 million (US$1,217.0 million) of loans to 111,274 qualified individual borrowers through its online marketplace; 31.4% of loan volume was generated by repeat borrowers who have successfully borrowed on Yirendai’s platform before; 60.8% of the borrowers were acquired from online channels; 100% of the loan volume originated from online channels was facilitated through mobile.

In the fourth quarter of 2018, Yirendai facilitated 144,965 investors with total investment amount of RMB 11,847.8 million (US$1,723.2 million), 100% of which was facilitated through its online platform and 97% of which was facilitated through its mobile application.

In the fourth quarter of 2018, total net revenue was RMB 1,270.7 million (US$184.8 million), a decrease of 30% from prior year; net income was RMB 331.4 million (US$48.2 million), a decrease of 26% from prior year and adjusted net income in the fourth quarter of 2018 was RMB 565.0 million (US$82.2 million), an increase of 26% from prior year.

For the full year of 2018, Yirendai facilitated RMB 38,606.3 million (US$5,615.1 million) of loans to 553,726 qualified individual borrowers through its online marketplace; 26.6% of loan volume were generated by repeat borrowers who have successfully borrowed on Yirendai’s platform before; 71.8% of the borrowers were acquired from online channels; 100% of the loan volume originated from online channels was facilitated through mobile.

For the full year of 2018, Yirendai facilitated 485,519 investors with total investment amount of RMB 46,863.4 million (US$6,816.0 million), 100% of which was facilitated through its online platform and 96% of which was facilitated through its mobile application.

For the full year of 2018, total net revenue was RMB 5,620.7 million (US$817.5 million), an increase of 1% from prior year; net income was RMB 966.6 million (US$140.6 million), a decrease of 30% from prior year and adjusted net income for the full year of 2018 was RMB 1,901.4 million (US$276.5 million), an increase of 39% from prior year.

“Yirendai has continued to deliver strong results,” commented Ms. Yihan Fang, Chief Executive Officer of Yirendai. “Demand for our wealth management product continues to be strong, close to half a million retail investors chose to invest in our platform this year despite volatilities in the industry and we continue to see average AUM per investor increasing. 2019 will be an important year for our online wealth management business as we strategically focus to provide more diversified products to better serve our investors.”

“We are pleased to conclude 2018 on a solid note with loan volume growing 28% from prior quarter and we are progressing smoothly with the current industry regulation evaluation process,” commented Mr. Dennis Cong, Chief Financial Officer of Yirendai. “This quarter, we continue to make progress in expanding our institutional partnerships which will help drive our business growth in 2019. Going into 2019, we will maintain focused on continual diversification in funding sources, expanding our loan product mix as well as enhancing our risk management strategies to support our credit and wealth management business growth.”

Fourth Quarter 2018 Financial Results
Total amount of loans facilitated in the fourth quarter of 2018, was RMB 8,367.2 million (US$1,217.0 million), decreased by 38% from RMB 13,438.5 million in the same period last year as we proactively controlled our business growth. As of December 31, 2018, Yirendai had facilitated approximately RMB 112.6 billion (US$16.4 billion) in loan principal since its inception.

Total net revenue in the fourth quarter of 2018 was RMB 1,270.7 million (US$184.8 million), decreased by 30% from RMB 1,824.8 million in the same period last year. The decrease of total net revenue was mainly attributable to a decline in loan origination volume.

Sales and marketing expenses in the fourth quarter of 2018 were RMB 499.4 million (US$72.6 million), compared to RMB 989.8 million in the same period last year. Sales and marketing expenses in the fourth quarter of 2018 accounted for 6.0% of amount of loans facilitated, decreased from 7.4% in the same period last year due to increased marketing efficiencies.

Origination and servicing costs in the fourth quarter of 2018 were RMB 199.6 million (US$29.0 million), compared to RMB 146.9 million in the same period last year. Origination and servicing costs in the fourth quarter of 2018 accounted for 2.4% of amount of loans facilitated, increased from 1.1% 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 fourth quarter of 2018 were RMB 106.7 million (US$15.5 million), compared to RMB 155.1 million in the same period last year. General and administrative expenses in the fourth quarter of 2018 accounted for 8.4% of total net revenue, compared to 8.5% in the same period last year.  

Allowance for contract assets in the fourth quarter of 2018 were RMB 173.5 million (US$25.2 million) compared to RMB 214.7 million in the third quarter of 2018. The decrease in the allowance for contract assets was mainly attributable to changes in future collectability estimates.

Income tax expense in the fourth quarter of 2018 was RMB 35.5 million (US$5.2 million).

Net income in the fourth quarter of 2018 was RMB 331.4 million (US$48.2 million), decreased by 26% from RMB 448.8 million in the same period last year. 

Adjusted net income (non-GAAP) in the fourth quarter of 2018 was RMB 565.0 million (US$82.2 million), increased by 26% from RMB 448.8 million in the same period last year. For the fourth quarter of 2018, net income would be positively impacted by RMB 233.6 million if ASC 606 were not adopted, generated from loans facilitated prior to 2018.

Adjusted EBITDA (non-GAAP) in the fourth quarter of 2018 was RMB 691.3 million (US$100.6 million), increased by 27% from RMB 542.7 million in the same period last year. Adjusted EBITDA margin1 (non-GAAP) in the fourth quarter of 2018 was 54.4%, compared to 29.7% in the same period last year. For the fourth quarter of 2018, adjusted EBITDA would include RMB 311.4 million adjustment on pre-tax income earned from loans facilitated prior to 2018, if ASC 606 were 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 fourth quarter of 2018 was RMB 5.38 (US$0.78), decreased from RMB 7.40 in the same period last year.

Adjusted basic income per ADS in the fourth quarter of 2018 was RMB 9.18 (US$1.34). Adjusted basic income per ADS would include RMB 233.6 million adjustment on income earned from loans facilitated prior to 2018, if ASC 606 were not adopted.

Diluted income per ADS in the fourth quarter of 2018 was RMB 5.31 (US$0.77), decreased from RMB 7.25 in the same period last year.

Adjusted diluted income per ADS in the fourth quarter of 2018 was RMB 9.05 (US$1.32). Adjusted diluted income per ADS would include RMB 233.6 million adjustment on income earned from loans facilitated prior to 2018, if ASC 606 were not adopted.

Net cash generated from operating activities in the fourth quarter of 2018 was RMB 1,025.9 million (US$149.2 million), compared to net cash used in operating activities of RMB 138.2 million in the third quarter of 2018.

As of December 31, 2018, cash and cash equivalents was RMB 2,028.7 million (US$295.1 million), compared to RMB 806.9 million as of September 30, 2018. As of December 31, 2018, balance of held-to-maturity investments was RMB 315.6 million (US$45.9 million), compared to RMB 319.6 million as of September 30, 2018. As of December 31, 2018, balance of available-for-sale investments was RMB 832.5 million (US$121.1 million), compared to RMB 833.8 million as of September 30, 2018.

Delinquency rates. As of December 31, 2018, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.0%, 1.9% and 1.8%, compared to 1.1%, 1.8% and 1.5%, as of September 30, 2018. The increase in delinquency rates was partially due to the slower loan volume growth as well as continuous movements in the Company’s asset credit performance.

Cumulative M3+ net charge-off rates. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2015 was 10.3%, compared to 10.3% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2016 was 10.3%, compared to 9.6% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2017 was 10.9%, compared to 8.5% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off for loans originated in 2018 was 3.4%.

Other Operating Metrics and Business Results

  • As of December 31, 2018, remaining principal of performing loans totaled RMB 40.9 billion (US$5.9 billion), decreased by 4% from RMB 42.6 billion as of September 30, 2018 and increased by 1% from RMB 40.6 billion as of December 31, 2017. 

Recent Development
Mr. Yang Cao will be resigning from his position as Chief Operating Officer and Chief Technology Officer for personal reasons to spend more time with family effective from end of March 2019, and he will continue to stay on as an advisor to CreditEase.

To strengthen the company’s finance management team, Ms. Jia Liu currently VP of Finance will become Co-CFO together with Dennis Cong, Chief Financial Officer of Yirendai.

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 RMB 6.8755 to US$1.00, the effective noon buying rate on December 31, 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 7:00 a.m. Eastern Time on March 25, 2019, (or 7:00 p.m. Beijing/Hong Kong Time on March 25, 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: 3288029

A replay of the conference call may be accessed by phone at the following numbers until March 31, 2018:

International: +61 2-8199-0299
U.S. Toll Free: +1 646-254-3697
Replay Access Code: 3288029

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 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.

For investor and media inquiries, please contact:
Yirendai
Hui (Matthew) Li/Lydia Yu
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 
  December 31,
 2017
  September 30,
2018
  December 31,
 2018
  December 31,
 2018
    December 31,
 2017
  December 31,
 2018
  December 31,
 2018
  RMB   RMB   RMB   USD     RMB   RMB   USD
Net revenue:                            
Loan facilitation services 1,703,931     516,849     651,137     94,704       5,226,691     3,413,052     496,408  
Post-origination services 62,564     79,665     95,985     13,960       187,216     290,728     42,285  
Account management services -     441,146     421,234     61,266       -     1,625,461     236,413  
Others 58,295     83,514     102,311     14,881       129,443     291,487     42,395  
Total net revenue 1,824,790     1,121,174     1,270,667     184,811       5,543,350     5,620,728     817,501  
Operating costs and expenses:                            
Sales and marketing 989,811     450,986     499,414     72,637       2,921,236     2,525,876     367,373  
Origination and servicing 146,915     154,953     199,579     29,028       417,882     644,303     93,710  
General and administrative 155,090     167,288     106,701     15,519       526,845     944,675     137,397  
Allowance for contract assets -     214,695     173,498     25,234       -     667,846     97,135  
Total operating costs and expenses 1,291,816     987,922     979,192     142,418       3,865,963     4,782,700     695,615  
Interest income, net 30,054     7,856     15,166     2,206       114,851     71,301     10,370  
Fair value adjustments related to Consolidated ABFE (16,802 )   44,627     54,591     7,940       (40,124 )   246,284     35,821  
Non-operating income, net (44 )   41     5,685     827       876     5,279     768  
Income before provision for income taxes 546,182     185,776     366,917     53,366       1,752,990     1,160,892     168,845  
Income tax expense 97,370     34,163     35,492     5,162       381,207     194,287     28,258  
Net income 448,812     151,613     331,425     48,204       1,371,783     966,605     140,587  
                             
Weighted average number of ordinary shares outstanding, basic 121,319,117     123,042,879     123,111,561     123,111,561       120,457,573     122,244,231     122,244,231  
Basic income per share 3.6994     1.2322     2.6921     0.3915       11.3881     7.9072     1.1501  
Basic income per ADS 7.3988     2.4644     5.3842     0.7830       22.7762     15.8144     2.3002  
                             
Weighted average number of ordinary shares outstanding, diluted 123,744,151     124,875,663     124,825,873     124,825,873       122,256,838     124,289,103     124,289,103  
Diluted income per share 3.6269     1.2141     2.6551     0.3862       11.2205     7.7771     1.1311  
Diluted income per ADS 7.2538     2.4282     5.3102     0.7724       22.4410     15.5542     2.2622  
                             
Unaudited Condensed Consolidated Cash Flow Data                            
Net cash generated from/(used in) operating activities 1,275,309     (138,204 )   1,025,896     149,211       2,716,513     (820,182 )   (119,291 )
Net cash (used in)/ provided by investing activities (193,498 )   (82,268 )   266,886     38,817       (374,597 )   (689,443 )   (100,275 )
Net cash used in financing activities (581,752 )   (105,574 )   (72,397 )   (10,530 )     (849,450 )   (25,963 )   (3,776 )
Effect of foreign exchange rate changes 9,018     15,405     (8,915 )   (1,297 )     (16,109 )   3,631     528  
Net increase/(decrease) in cash, cash equivalents and restricted cash 509077     (310,641 )   1,211,470     176,201       1,476,357     (1,531,957 )   (222,814 )
Cash, cash equivalents and restricted cash, beginning of period 3,153,791     1,230,082     919,441     133,727       2,186,511     3,662,868     532,742  
Cash, cash equivalents and restricted cash, end of period 3,662,868     919,441     2,130,911     309,928       3,662,868     2,130,911     309,928  

 

Unaudited Consolidated Balance Sheet
 (in thousands)
  As of
  December 31, 2017   September 30, 2018   December 31, 2018   December 31, 2018
  RMB   RMB   RMB   USD
               
Cash and cash equivalents 1,857,175   806,946     2,028,748     295,069  
Restricted cash 1,805,693   112,495     102,163     14,859  
Accounts receivable 21,368   6,616     8,782     1,277  
Contract assets, net -   2,115,608     1,891,438     275,098  
Contract cost -   134,577     139,965     20,357  
Prepaid expenses and other assets 1,068,990   1,180,650     729,296     106,073  
Loans at fair value 791,681   1,335,584     1,075,097     156,366  
Amounts due from related parties 117,222   121,864     121,464     17,666  
Held-to-maturity investments 9,944   319,639     315,641     45,908  
Available-for-sale investments 963,253   833,835     832,465     121,077  
Property, equipment and software, net 82,249   96,640     89,831     13,065  
Deferred tax assets 801,089   231,655     184,136     26,781  
Total assets 7,518,664   7,296,109     7,519,026     1,093,596  
Accounts payable 33,841   33,170     30,349     4,414  
Amounts due to related parties 73,887   102,844     230,656     33,548  
Liabilities from quality assurance program and guarantee 2,793,948   6,470     9,950     1,447  
Deferred revenue 222,906   376,905     275,825     40,117  
Payable to third-party credit assurance program -   353,040     -     -  
Payable to investors at fair value 113,445   13,944     7,693     1,119  
Accrued expenses and other liabilities 1,299,307   1,074,196     1,088,372     158,296  
Refund liability -   -     252,367     36,705  
Deferred tax liabilities 11,277   561,370     502,903     73,144  
Total liabilities 4,548,611   2,521,939     2,398,115     348,790  
Ordinary shares 76   77     77     11  
Additional paid-in capital 1,123,854   1,266,534     1,293,968     188,200  
Treasury stock     (254 )   (254 )   (37 )
Accumulated other comprehensive income 11,067   18,360     16,390     2,384  
Retained earnings 1,835,056   3,489,453     3,810,730     554,248  
Total equity 2,970,053   4,774,170     5,120,911     744,806  
Total liabilities and equity 7,518,664   7,296,109     7,519,026     1,093,596  

 

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  
  December 31,
 2017
  September 30,
2018
  December 31,
 2018
  December 31,
 2018
    December 31,
 2017
  December 31,
 2018
  December 31,
 2018
 
  RMB   RMB   RMB   USD     RMB   RMB   USD  
Operating Highlights                              
Amount of loans facilitated 13,438,520     6,546,167     8,367,171     1,216,955       41,406,058     38,606,273     5,615,050    
Loans generated from online channels 7,709,403     4,147,761     4,025,837     585,534       22,543,298     22,722,351     3,304,829    
Loans generated from offline channels 5,729,117     2,398,406     4,341,334     631,421       18,862,760     15,883,922     2,310,221    
Number of borrowers 202,370     96,402     111,274     111,274       649,154     553,726     553,726    
Borrowers from online channels 150,982     72,108     67,625     67,625       472,960     397,824     397,824    
Borrowers from offline channels 51,388     24,294     43,649     43,649       176,194     155,902     155,902    
Number of investors 233,374     164,218     144,965     144,965       592,642     485,519     485,519    
Investors from online channels 233,374     164,218     144,965     144,965       592,642     485,519     485,519    
                               
Reconciliation of Net Income                              
Net income 448,812     151,613     331,425     48,204       1,371,783     966,605     140,587    
Adjustments on net income generated from loans pre-2018 (before adopting ASC606) -     215,920     233,575     33,972       -     934,794     135,960    
Adjusted net income 448,812     367,533     565,000     82,176       1,371,783     1,901,399     276,547    
                               
Reconciliation of EBITDA                              
Net income 448,812     151,613     331,425     48,204       1,371,783     966,605     140,587    
Adjustments on income before income taxes, generated from loans pre-2018 (before adopting ASC606)   -        287,892       311,434       45,296         -        1,246,392       181,280    
Interest income, net (30,054 )   (7,856 )   (15,166 )   (2,206 )     (114,851 )   (71,301 )   (10,370 )  
Income tax expense 97,370     34,163     35,492     5,162       381,207     194,287     28,258    
Depreciation and amortization 7,738     10,944     10,871     1,581       23,729     39,434     5,736    
Share-based compensation 18,838     32,537     17,286     2,514       81,980     85,188     12,390    
Adjusted EBITDA 542,704     509,293     691,342     100,551       1,743,848     2,460,605     357,881    
Adjusted EBITDA margin 29.7 %   45.4 %   54.4 %   54.4 %     31.5 %   43.8 %   43.8 %  

 

Operating Highlights
(in thousands)
  As of
  December 31,
 2017
  September 30,
2018
  December 31,
 2018
  December 31,
 2018
  RMB   RMB   RMB   USD
Operating Highlights              
Remaining principal of performing loans 40,616,167   42,576,846   40,868,161   5,944,027
Remaining principal of performing loans covered by quality assurance program and guarantee 39,717,029   124,811   101,363   14,743
Remaining principal of performing loans covered by third-party credit assurance program -   38,960,185   37,749,862   5,490,490

 

Delinquency Rates
  Delinquent for
  15-29 days   30-59 days   60-89 days
All Loans          
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 %
December 31, 2018 1.0 %   1.9 %   1.8 %
           
Online Channels          
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 %
December 31, 2018 1.2 %   2.4 %   2.2 %
           
Offline Channels          
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 %
December 31, 2018 0.8 %   1.4 %   1.3 %

 

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 December 31, 2018
  Total Net Charge-Off Rate
as of December 31, 2018
        (in RMB thousands)   (in RMB thousands)    
2014   I   -   -   -  
    II   1,921,372   82,989   4.3 %
    III   303,276   18,937   6.2 %
    IV   -   -   -  
    V   3,913   518   13.2 %
    Total   2,228,561   102,444   4.6 %
2015   I   146,490   4,638   3.2 %
    II   1,614,354   101,327   6.3 %
    III   2,521,705   215,384   8.5 %
    IV   2,506,107   272,121   10.9 %
    V   2,768,957   391,705   14.1 %
    Total   9,557,613   985,174   10.3 %
2016   I   497,220   20,336   4.1 %
    II   3,137,889   170,796   5.4 %
    III   3,763,081   266,983   7.1 %
    IV   5,183,233   468,372   9.0 %
    V   7,799,180   1,171,998   15.0 %
    Total   20,380,603   2,098,484   10.3 %
2017   I   2,701,162   111,688   4.1 %
    II   9,079,647   749,174   8.3 %
    III   10,611,451   1,211,262   11.4 %
    IV   10,263,135   1,285,630   12.5 %
    V   8,750,663   1,166,265   13.3 %
    Total   41,406,058   4,524,019   10.9 %
2018   I   4,004,135   45,778   1.1 %
    II   11,390,441   260,898   2.3 %
    III   11,230,283   340,428   3.0 %
    IV   8,174,933   385,731   4.7 %
    V   3,806,481   273,467   7.2 %
    Total   38,606,273   1,306,302   3.4 %

 

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 % 10.1 %
2015Q3   0.2 % 1.6 % 3.4 % 4.9 % 6.4 % 7.4 % 8.1 % 8.6 % 9.1 % 9.5 % 9.8 %
2015Q4   0.2 % 1.6 % 3.2 % 4.9 % 6.2 % 7.2 % 8.0 % 8.7 % 9.4 % 10.0 % 10.4 %
2016Q1   0.2 % 1.3 % 2.9 % 4.3 % 5.4 % 6.4 % 7.2 % 8.1 % 8.9 % 9.5 %  
2016Q2   0.2 % 1.7 % 3.4 % 4.9 % 6.1 % 7.1 % 8.3 % 9.4 % 10.1 %    
2016Q3   0.1 % 1.5 % 3.2 % 4.6 % 6.0 % 7.5 % 9.0 % 9.9 %      
2016Q4   0.2 % 1.5 % 3.0 % 4.6 % 6.4 % 8.2 % 9.3 %        
2017Q1   0.2 % 1.4 % 3.2 % 5.4 % 7.6 % 9.1 %          
2017Q2   0.3 % 2.0 % 4.7 % 7.5 % 9.4 %            
2017Q3   0.4 % 3.0 % 6.5 % 9.2 %              
2017Q4   0.6 % 4.2 % 7.4 %                
2018Q1   0.5 % 3.1 %                  
2018Q2   0.6 %                    

Yirendai Ltd.

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