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Yiren Digital Reports Third Quarter 2021 Financial Results
Nov 24,2021

BEIJING, Nov. 24, 2021 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading digital personal financial management platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2021.

Third Quarter 2021 Operational Highlights

Wealth Management

  • Cumulative number of investors served reached 2,612,279 as of September 30, 2021, representing an increase of 2.9% from 2,538,656 as of June 30, 2021 and compared to 2,283,828 as of September 30, 2020.
  • Number of active investors[1] was 427,873 as of September 30, 2021, representing an increase of 11.0% from 385,536 as of June 30, 2021, and compared to 170, 907 as of September 30, 2020.
  • Total client assets[2] was RMB17,415.3 million (US$2,702.8 million) as of September 30, 2021, representing an increase of 18.8% from RMB14,660.4 million as of June 30, 2021, and compared to RMB4,994.6 million as of September 30, 2020.
  • Sales volume of investment products amounted to RMB5,030.2 million (US$780.7 million) in the third quarter of 2021, representing a decrease of 5.9% from RMB5,343.6 million in the second quarter of 2021 and compared to RMB4,593.3 million in the same period of 2020.

Consumer Credit

  • Total loans facilitated under loan facilitation model in the third quarter of 2021 reached RMB6.8 billion (US$1.1 billion), representing an increase of 30.3% from RMB5.3 billion in the second quarter of 2021 and compared to RMB3.1 billion in the third quarter of 2020.
  • Cumulative number of borrowers served reached 5,840,424 as of September 30, 2021, representing an increase of 5.1% from 5,558,085 as of June 30, 2021 and compared to 5,060,824 as of September 30, 2020.
  • Number of borrowers served in the third quarter of 2021 was 548,495 representing an increase of 26.3% from 434,153 in the second quarter of 2021 and compared to 143,238 in the third quarter of 2020.
  • Outstanding balance of performing loans facilitated under loan facilitation model reached RMB13,793.9 million (US$2,140.8 million) as of September 30, 2021, representing an increase of 10.0% from RMB12,543.7 million as of June 30, 2021 and compared to RMB6,250.3 million as of September 30, 2020.

"We are delighted to announce a solid quarter with visible increase in profitability and a healthy growth in business scale amid a muted macro environment," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "And as our business structures continue to integrate and expand, we are seeing growing interactions and synergies between each business line, reinforcing our strategic positioning as a user-centric leading digital personal financial management platform."

"For wealth management, we are pleased to see continued growth in both new investor base and average client asset per investor. As of September 30, 2021, our total client assets exceeded RMB17.4 billion, representing a 19% growth from last quarter and approximately 250% increase from the prior year. On Yiren Wealth's platform, the number of new investors grew 93% quarter-over-quarter and excluding insurance products, the number of investors with client asset over RMB500,000 grew almost three times compared with the prior year, a vivid reflection of our enhanced capabilities to serve a higher segment of our investor spectrum. Moreover, Hexiang insurance contributed RMB735 million in total premium this quarter, up 29% compared with last quarter."

"For our credit business, the total loan facilitation volume maintained a strong growth trajectory reaching RMB6.8 billion for the quarter, representing an increase of 30% quarter over quarter. Driven by our enhanced digital operating capabilities and improved servicing standards, our Yi Xiang Hua APP, the credit-tech platform offering unsecured revolving loans, saw its MAU jumping 82% quarter over quarter to 1.1million users. Meanwhile, our SME loans, which we started to focus on in the second half of this year, increased by 431% from the last quarter and accounted 25% of our total loan volume in the third quarter."

"In the third quarter, we are pleased to see strong growth across revenue, profit and transaction volume. Total revenue in the third quarter stood at RMB1.2 billion, increasing 20% year over year, with wealth management business becoming an increasingly important growth driver and contributing close to 30% of total revenue. Meanwhile, net income grew three times year on year to over RMB0.3 billion, reflecting a net income margin of 26%, driven by our continued efforts in cost control and increasing operating efficiencies, "said Ms. Na Mei, Chief Financial Officer of Yiren Digital. "Turning to our balance sheet, we ended the quarter with RMB2.3 billion in cash and cash equivalents, representing 6% increase from the prior quarter, leaving us with sufficient resilience to seize any new opportunities."

Third Quarter 2021 Financial Results

Total net revenue in the third quarter of 2021 was RMB1,232.0 million (US$191.2 million), compared to RMB1,022.8 million in the same period last year. Revenue from wealth management business reached RMB337.6 million (US$52.4 million), representing an increase of 20.1% from RMB281.1 million in the third quarter of 2020, as we continue to drive up our wealth management business. Revenue from credit business reached RMB894.4 million (US$138.8 million), representing an increase of 20.6% from RMB741.7 million in the third quarter of 2020, primarily driven by an increase in loan volume.

Sales and marketing expenses in the third quarter of 2021 were RMB407.2 million (US$63.2 million), compared to RMB485.1 million in the same period last year. The decrease was primarily due to internal restructuring to optimize operating efficiencies.

Origination, servicing and other operating costs in the third quarter of 2021 were RMB186.9 million (US$29.0 million), compared to RMB239.7 million in the same period last year. The decrease was due to the improved collection efficiency.

General and administrative expenses in the third quarter of 2021 were RMB139.3 million (US$21.6 million), compared to RMB159.7 million in the same period last year. The decrease was due to enhancement of operational efficiency.

Allowance for contract assets, receivables and others in the third quarter of 2021 was RMB83.6 million (US$13.0 million), compared to RMB25.0million in the same period last year. The increase was primarily driven by the one-time write back to credit impairment in the same period last year due to the better-than-expected credit performance post the pandemic. Excluding the one-time write back impact, allowance for contract assets remained stable compared to the same period last year.

Income tax expense in the third quarter of 2021 was RMB75.9million (US$11.8 million).

Net income in the third quarter of 2021 was RMB320.9 million (US$49.8million), compared to net income of RMB79.8 million in the same period last year.

Adjusted EBITDA[3] (non-GAAP) in the third quarter of 2021 was RMB438.6 million (US$68.1 million), compared to RMB117.5 million in the same period last year.

Basic income per ADS in the third quarter of 2021 was RMB3.8 (US$0.6), compared to a basic income per ADS of RMB0.9 in the same period last year.

Diluted income per ADS in the third quarter of 2021 was RMB3.7 (US$0.6), compared to a diluted income per ADS of RMB0.9 in the same period last year.

Net cash generated from operating activities in the third quarter of 2021 was RMB323.8 million (US$50.3 million), compared to RMB3.1 million in the same period last year.

Net cash used in investing activities in the third quarter of 2021 was RMB233.8 million (US$36.3 million), compared to RMB99.5 million in the same period last year.

As of September 30, 2021, cash and cash equivalents was RMB2,328.4 million (US$361.4 million), compared to RMB2,192.5 million as of June 30, 2021. As of September 30, 2021, the balance of held-to-maturity investments was RMB2.2 million (US$0.3 million), compared to RMB2.2 million as of June 30, 2021. As of September 30, 2021, the balance of available-for-sale investments was RMB277.9 million (US$43.1 million), compared to RMB224.3 million as of June 30, 2021.

Delinquency rates. As of September 30, 2021, the delinquency rates for loans facilitated that are past due for 15-29 days, 30-59 days and 60-89 days were 0.7%, 0.9% and 0.8% respectively, compared to 0.5%, 0.8% and 0.7% respectively as of June 30, 2021.

Cumulative M3+ net charge-off rates. As of September 30, 2021, the cumulative M3+ net charge-off rate for loans facilitated in 2018, 2019 and 2020 was 9.9%, 11.0% and 4.8% respectively, as compared to 9.9%, 10.5% and 3.7% respectively as of June 30, 2021.

[1] Active investors refer to those who have made at least one investment through our wealth management platform or have had client assets with us above zero in the past twelve months.

[2] Client assets refer to the outstanding balance of client assets generated through our platforms, where an asset is counted towards the outstanding balance for so long as it continues to be held by the investor who acquired it through our platform.

[3]  "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.

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.

Board Composition Change

Mr. Dennis Cong has resigned from the board of directors of the Company, having fulfilled his term as a board member since November 2020, effective from November 24, 2021.

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 RMB6.4434 to US$1.00, the effective noon buying rate on September 30, 2021, 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 7:00 a.m. U.S. Eastern Time on November 24, 2021 (or 8:00 p.m. Beijing/Hong Kong Time on November 24, 2021).

Participants who wish to join the call should register online in advance of the conference at:

http://apac.directeventreg.com/registration/event/8382762

Please note the Conference ID number of 8382762.

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 December 2, 2021:

International

+61 2-8199-0299

U.S.

+1 646-254-3697

Replay Access Code:

8382762

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. is a leading digital personal financial management platform in China. The Company provides customized asset allocation services and wealth management solutions to China's mass affluent population as well as utilizes online and offline channels to provide retail credit facilitation services to individual borrowers and small business owners.

 

 

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 Nine Months Ended 

 

September 30,
2020

 

June 30,
2021

 

September 30,
2021

 

September 30,
2021

   

September 30,
2020

 

September 30,
2021

 

September 30,
2021

 

RMB

 

RMB

 

RMB

 

USD

   

RMB

 

RMB

 

USD

Net revenue:

                           

Loan facilitation services

406,413

 

551,373

 

601,283

 

93,318

   

936,038

 

1,694,788

 

263,027

Post-origination services

195,570

 

40,584

 

39,024

 

6,056

   

468,567

 

124,394

 

19,306

Account management services

157,327

 

-

 

-

 

-

   

871,213

 

-

 

-

Insurance brokerage services

102,495

 

151,801

 

199,406

 

30,947

   

122,040

 

510,911

 

79,292

Financing services

3,075

 

125,267

 

144,614

 

22,444

   

5,310

 

384,813

 

59,722

Others

157,882

 

256,010

 

247,664

 

38,437

   

397,943

 

742,083

 

115,169

Total net revenue

1,022,762

 

1,125,035

 

1,231,991

 

191,202

   

2,801,111

 

3,456,989

 

536,516

Operating costs and expenses:

                           

Sales and marketing

485,055

 

436,882

 

407,172

 

63,192

   

1,609,962

 

1,249,230

 

193,877

Origination,servicing and other
operating costs

239,655

 

182,667

 

186,915

 

29,009

   

507,756

 

544,107

 

84,444

General and administrative

159,670

 

127,690

 

139,321

 

21,622

   

481,279

 

386,876

 

60,042

Allowance for contract assets,
receivables and others

25,016

 

93,433

 

83,578

 

12,971

   

337,109

 

318,243

 

49,391

Total operating costs and expenses

909,396

 

840,672

 

816,986

 

126,794

   

2,936,106

 

2,498,456

 

387,754

Other income/(expenses):

                           

Interest income/(expense), net

11,003

 

(22,782)

 

(21,565)

 

(3,347)

   

53,069

 

(55,327)

 

(8,587)

Fair value adjustments related to
Consolidated ABFE

(30,905)

 

(20,916)

 

(526)

 

(82)

   

(89,882)

 

(49,162)

 

(7,630)

Others, net

2,726

 

14,674

 

3,934

 

611

   

11,400

 

23,730

 

3,683

Total other expenses

(17,176)

 

(29,024)

 

(18,157)

 

(2,818)

   

(25,413)

 

(80,759)

 

(12,534)

Income/(loss) before provision for income
taxes

96,190

 

255,339

 

396,848

 

61,590

   

(160,408)

 

877,774

 

136,228

Income tax expense/(benefit)

16,353

 

55,259

 

75,923

 

11,783

   

(27,269)

 

175,555

 

27,245

Net income/(loss)

79,837

 

200,080

 

320,925

 

49,807

   

(133,139)

 

702,219

 

108,983

                             

Weighted average number of ordinary
shares outstanding, basic

182,144,192

 

167,974,463

 

170,193,542

 

170,193,542

   

184,444,536

 

168,719,693

 

168,719,693

Basic income/(loss) per share

0.4383

 

1.1911

 

1.8856

 

0.2926

   

(0.7218)

 

4.1620

 

0.6459

Basic income/(loss) per ADS

0.8766

 

2.3822

 

3.7712

 

0.5852

   

(1.4436)

 

8.3240

 

1.2918

                             

Weighted average number of ordinary
shares outstanding, diluted

182,730,892

 

169,173,603

 

171,571,392

 

171,571,392

   

184,444,536

 

169,972,343

 

169,972,343

Diluted income/(loss) per share

0.4369

 

1.1827

 

1.8705

 

0.2903

   

(0.7218)

 

4.1314

 

0.6412

Diluted income/(loss) per ADS

0.8738

 

2.3654

 

3.7410

 

0.5806

   

(1.4436)

 

8.2628

 

1.2824

                             

Unaudited Condensed Consolidated Cash
Flow Data

                           

Net cash generated/(used in) from
operating activities

3,098

 

(212,993)

 

323,819

 

50,259

   

501,097

 

(31,185)

 

(4,840)

Net cash used in investing activities

(99,460)

 

(208,539)

 

(233,782)

 

(36,283)

   

(815,567)

 

(728,377)

 

(113,042)

Net cash provided by financing activities

81,693

 

144,107

 

49,770

 

7,723

   

55,961

 

473,277

 

73,451

Effect of foreign exchange rate changes

(3,389)

 

(278)

 

(257)

 

(41)

   

(2,269)

 

(653)

 

(101)

Net (decrease)/increase in cash, cash
equivalents and restricted cash

(18,058)

 

(277,703)

 

139,550

 

21,658

   

(260,778)

 

(286,938)

 

(44,532)

Cash, cash equivalents and restricted
cash, beginning of period

3,026,422

 

2,558,363

 

2,280,660

 

353,953

   

3,269,142

 

2,707,148

 

420,143

Cash, cash equivalents and restricted
cash, end of period

3,008,364

 

2,280,660

 

2,420,210

 

375,611

   

3,008,364

 

2,420,210

 

375,611

 

 

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)

 
 

As of

 

December 31,
2020

 

June 30,
2021

 

September 30,
2021

 

September 30,
2021

 

RMB

 

RMB

 

RMB

 

USD

               

        Cash and cash equivalents

2,469,909

 

2,192,500

 

2,328,380

 

361,359

        Restricted cash

237,239

 

88,160

 

91,830

 

14,252

        Accounts receivable

122,742

 

228,554

 

258,729

 

40,154

        Contract assets, net

750,174

 

1,063,470

 

1,191,497

 

184,917

        Contract cost

65,529

 

44,684

 

34,707

 

5,386

        Prepaid expenses and other assets

278,591

 

213,942

 

358,052

 

55,569

        Loans at fair value

192,156

 

112,931

 

82,474

 

12,800

        Financing receivables

1,253,494

 

1,738,742

 

1,969,456

 

305,656

        Amounts due from related parties

884,006

 

1,064,703

 

768,646

 

119,292

        Held-to-maturity investments

3,286

 

2,233

 

2,200

 

341

        Available-for-sale investments

175,515

 

224,336

 

277,934

 

43,135

        Property, equipment and software, net

147,193

 

123,491

 

115,326

 

17,898

        Deferred tax assets

16,745

 

8,629

 

6,285

 

975

        Right-of-use assets

105,674

 

93,783

 

70,897

 

11,003

Total assets

6,702,253

 

7,200,158

 

7,556,413

 

1,172,737

        Accounts payable

9,903

 

64,469

 

36,799

 

5,711

        Amounts due to related parties

970,309

 

498,053

 

474,925

 

73,707

        Deferred revenue

50,899

 

21,137

 

11,862

 

1,841

        Payable to investors at fair value

52,623

 

51,289

 

50,814

 

7,886

        Accrued expenses and other liabilities

1,208,915

 

1,238,591

 

1,245,263

 

193,262

        Secured borrowings

500,500

 

968,600

 

1,038,600

 

161,188

        Refund liability

10,845

 

6,412

 

5,927

 

920

        Deferred tax liabilities

38,741

 

118,654

 

147,575

 

22,903

        Lease liabilities

81,854

 

70,114

 

53,194

 

8,256

Total liabilities

2,924,589

 

3,037,319

 

3,064,959

 

475,674

        Ordinary shares

121

 

122

 

123

 

19

        Additional paid-in capital

5,058,176

 

5,065,177

 

5,096,994

 

791,041

        Treasury stock

(40,147)

 

(40,147)

 

(42,502)

 

(6,596)

        Accumulated other comprehensive
income

17,108

 

16,139

 

14,442

 

2,241

        Accumulated deficit

(1,257,594)

 

(878,452)

 

(577,603)

 

(89,642)

Total equity

3,777,664

 

4,162,839

 

4,491,454

 

697,063

Total liabilities and equity

6,702,253

 

7,200,158

 

7,556,413

 

1,172,737

 

 

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 Nine Months Ended 

 

September 30,
2020

 

June 30,
2021

 

September 30,
2021

 

September 30,
2021

   

September 30,
2020

 

September 30,
2021

 

September 30,
2021

 

RMB

 

RMB

 

RMB

 

USD

   

RMB

 

RMB

 

USD

Operating Highlights

                           

Amount of investment in current investment
products

4,593,256

 

5,343,601

 

5,030,228

 

780,679

   

8,942,780

 

16,196,885

 

2,513,717

Number of investors in current investment
products

76,707

 

120,091

 

127,378

 

127,378

   

90,888

 

299,186

 

299,186

Amount of loans facilitated under loan
facilitation model

3,148,367

 

5,252,859

 

6,841,921

 

1,061,849

   

5,412,281

 

17,025,066

 

2,642,249

Number of borrowers

143,238

 

434,153

 

548,495

 

548,495

   

360,170

 

967,057

 

967,057

Remaining principal of performing loans
facilitated under loan facilitation model

6,250,343

 

12,543,745

 

13,793,925

 

2,140,784

   

6,250,343

 

13,793,925

 

2,140,784

                             

Segment Information

                           

Wealth management:

                           

Revenue

281,050

 

286,839

 

337,627

 

52,399

   

1,019,307

 

888,209

 

137,848

Sales and marketing expenses

43,879

 

29,044

 

55,463

 

8,608

   

156,659

 

123,494

 

19,166

Origination,servicing and other operating
costs

105,522

 

150,505

 

159,348

 

24,731

   

176,015

 

442,363

 

68,654

                             

Consumer credit:

                           

Revenue

741,712

 

838,196

 

894,364

 

138,803

   

1,781,804

 

2,568,780

 

398,668

Sales and marketing expenses

441,176

 

407,838

 

351,709

 

54,584

   

1,453,303

 

1,125,736

 

174,711

Origination,servicing and other operating
costs

134,134

 

32,162

 

27,567

 

4,278

   

331,741

 

101,744

 

15,790

                             
                             

Reconciliation of Adjusted EBITDA

                           

Net income/(loss)

79,837

 

200,080

 

320,925

 

49,807

   

(133,139)

 

702,219

 

108,983

Interest (income)/expense, net

(11,003)

 

22,782

 

21,565

 

3,347

   

(53,069)

 

55,327

 

8,587

Income tax expense/(benefit)

16,353

 

55,259

 

75,923

 

11,783

   

(27,269)

 

175,555

 

27,245

Depreciation and amortization

23,404

 

12,170

 

8,449

 

1,311

   

74,943

 

35,770

 

5,551

Share-based compensation

8,952

 

5,090

 

11,742

 

1,822

   

16,447

 

16,592

 

2,575

Adjusted EBITDA

117,543

 

295,381

 

438,604

 

68,070

   

(122,087)

 

985,463

 

152,941

Adjusted EBITDA margin

11.5%

 

26.3%

 

35.6%

 

35.6%

   

-4.4%

 

28.5%

 

28.5%

 

 

Delinquency Rates (Loan Facilitation Model)

   

15-29 days

 

30-59 days

 

60-89 days

All Loans

           

December 31, 2015

1.3%

 

1.9%

 

1.5%

December 31, 2016

0.6%

 

0.8%

 

0.7%

December 31, 2017

0.5%

 

0.8%

 

0.6%

December 31, 2018

1.0%

 

1.8%

 

1.7%

December 31, 2019

0.8%

 

1.3%

 

1.0%

December 31, 2020

0.5%

 

0.7%

 

0.6%

March 31, 2021

0.5%

 

0.8%

 

0.6%

June 30, 2021

0.5%

 

0.8%

 

0.7%

September 30, 2021

0.7%

 

0.9%

 

0.8%

             

Online Channels

         

December 31, 2015

0.4%

 

0.7%

 

0.5%

December 31, 2016

0.8%

 

1.1%

 

1.7%

December 31, 2017

0.3%

 

0.2%

 

0.0%

December 31, 2018

0.9%

 

1.7%

 

1.5%

December 31, 2019

1.0%

 

2.1%

 

1.6%

December 31, 2020

0.6%

 

1.0%

 

1.1%

March 31, 2021

0.5%

 

0.9%

 

0.7%

June 30, 2021

0.7%

 

0.9%

 

0.8%

September 30, 2021

0.8%

 

1.1%

 

0.9%

             

Offline Channels

         

December 31, 2015

1.3%

 

2.0%

 

1.6%

December 31, 2016

0.6%

 

0.8%

 

0.7%

December 31, 2017

0.5%

 

0.9%

 

0.7%

December 31, 2018

1.1%

 

1.9%

 

1.8%

December 31, 2019

0.7%

 

0.9%

 

0.7%

December 31, 2020

0.4%

 

0.6%

 

0.4%

March 31, 2021

0.4%

 

0.7%

 

0.6%

June 30, 2021

0.4%

 

0.7%

 

0.6%

September 30, 2021

0.6%

 

0.8%

 

0.7%

 

 

Net Charge-Off Rate (Loan Facilitation Model)

Loan
Issued
Period

 

Amount of Loans
Facilitated
During the Period

 

Accumulated M3+ Net
Charge-Off
as of September 30, 2021

 

Total Net Charge-Off
Rate
as of September 30, 2021

   

(in RMB thousands)

 

(in RMB thousands)

   

2015

 

4,530,824

 

249,527

 

5.5%

2016

 

3,749,815

 

318,255

 

8.5%

2017

 

5,043,494

 

525,863

 

10.4%

2018

 

4,211,573

 

415,810

 

9.9%

2019

 

3,431,443

 

375,802

 

11.0%

2020

 

9,614,819

 

465,215

 

4.8%

2021H1

 

10,183,146

 

136,363

 

1.3%

 

 

M3+ Net Charge-Off Rate (Loan Facilitation Model)

Loan
Issued
Period

 

Month on Book

   

4

7

10

13

16

19

22

25

28

31

34

2015Q1

 

1.0%

1.9%

2.8%

3.7%

4.3%

4.8%

5.1%

5.3%

5.3%

5.3%

5.2%

2015Q2

 

1.1%

2.8%

4.2%

5.3%

6.2%

6.7%

7.0%

7.0%

6.9%

6.8%

6.8%

2015Q3

 

0.6%

2.2%

3.8%

5.0%

5.9%

6.5%

6.7%

6.8%

6.7%

6.7%

6.7%

2015Q4

 

1.0%

1.5%

2.2%

2.8%

3.1%

3.4%

3.7%

4.0%

4.2%

4.4%

4.4%

2016Q1

 

0.6%

0.9%

1.3%

1.7%

2.0%

2.2%

2.4%

2.7%

2.9%

3.0%

3.2%

2016Q2

 

0.6%

1.4%

2.3%

3.0%

3.6%

4.2%

4.8%

5.4%

5.8%

6.0%

6.2%

2016Q3

 

0.4%

1.7%

2.7%

4.1%

5.3%

6.5%

7.7%

8.6%

9.3%

9.3%

9.5%

2016Q4

 

0.3%

2.1%

3.8%

5.4%

7.2%

9.2%

10.4%

11.5%

12.4%

12.9%

13.3%

2017Q1

 

0.3%

1.6%

3.4%

5.3%

7.5%

8.9%

10.0%

10.9%

11.6%

12.1%

12.3%

2017Q2

 

4.1%

5.8%

7.9%

9.6%

11.3%

12.5%

13.2%

13.9%

14.6%

14.9%

15.1%

2017Q3

 

0.3%

1.6%

3.5%

4.9%

6.5%

7.6%

8.4%

8.9%

9.4%

9.9%

10.1%

2017Q4

 

0.2%

2.3%

5.1%

6.5%

7.9%

9.0%

9.7%

10.2%

10.7%

11.2%

10.6%

2018Q1

 

0.2%

2.9%

5.1%

6.8%

7.2%

7.9%

8.4%

8.7%

9.0%

8.6%

8.1%

2018Q2

 

0.7%

4.1%

7.1%

9.4%

11.2%

12.4%

13.4%

14.1%

14.3%

14.1%

14.1%

2018Q3

 

0.2%

2.8%

3.6%

4.5%

5.2%

6.4%

7.0%

7.0%

6.9%

7.0%

6.9%

2018Q4

 

0.6%

2.2%

3.4%

5.2%

6.9%

9.0%

9.7%

9.9%

9.6%

9.7%

 

2019Q1

 

0.0%

0.8%

2.0%

3.4%

5.3%

5.9%

6.3%

6.3%

6.3%

   

2019Q2

 

0.1%

1.5%

4.5%

7.5%

8.8%

9.2%

9.9%

10.3%

     

2019Q3

 

0.2%

2.9%

6.8%

9.0%

10.4%

12.0%

13.2%

       

2019Q4

 

0.4%

3.1%

4.9%

6.3%

7.2%

7.9%

         

2020Q1

 

0.6%

2.3%

4.1%

5.2%

6.0%

           

2020Q2

 

0.5%

2.5%

4.2%

5.3%

             

2020Q3

 

1.1%

3.3%

5.1%

               

2020Q4

 

0.3%

1.8%

                 

2021Q1

 

0.4%

                   

 

 

Cision View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-third-quarter-2021-financial-results-301431478.html

SOURCE Yiren Digital