Chinese Fintech Yirendai Unveils Fourth Quarter & Full Year 2017 Financial Results

Yirendai Ltd. (NYSE: YRD) (“Yirendai” or the “Company”), a leading fintech company in China, announced on Thursday the release of its unaudited financial results for the quarter and full year ended December 31, 2017.

The company reported that in the fourth quarter of 2017, it facilitated RMB 13,438.5 million (US$2,065.5 million) of loans to 202,370 qualified individual borrowers through its online marketplace, representing a year-over-year growth of 95%; 74.6% of the borrowers were acquired from online channels; nearly 100% of the loan volume originated from online channels was facilitated through mobile.

During that quarter, Yirendai facilitated 233,374 investors with total investment amount of RMB 15,967.4 million(US$2,454.2 million), 100% of which was facilitated through its online platform and 92% of which was facilitated through its mobile application. Also in the fourth quarter, total net revenue was RMB 1,824.8 million (US$280.5 million), an increase of 21% from the previous quarter and 70% year-over-year; net income was RMB 448.8 million (US$69.0 million), an increase of 48% from the previous quarter and 18% year-over-year.

Yirendai also noted that in the full year of 2017 it facilitated RMB 41,406.1 million (US$6,364.0 million) of loans to 649,154 qualified individual borrowers through its online marketplace, representing a year-over-year growth of 102%; 72.9% of the borrowers were acquired from online channels; nearly 100% of the loan volume originated from online channels was facilitated through mobile.

“In the full year of 2017, Yirendai facilitated 592,642 investors with total investment amount of RMB 48,074.1 million(US$7,388.9 million), 100% of which was facilitated through its online platform and 87% of which was facilitated through its mobile application. For the full year of 2017, total net revenue was RMB 5,543.4 million (US$852.0 million), representing a year-over-year growth of 71%; net income was RMB 1,371.8 million (US$210.8 million), representing an increase of 23% from prior year.”

While speaking about the 2017 results, Yihan Fang, CEO of Yirendai, stated:

“We are pleased to conclude 2017 with another strong quarter driven by continued expansion of our online business. We will continue to grow our online lending platform, online wealth management and technology platform businesses.  In addition, over the next few months, we will remain in close communications with the regulatory bodies to ensure that we will be fully prepared for the upcoming registration process. We believe leading platforms including Yirendai will benefit from a healthier industry development driven by tightening regulations.”

Dennis Cong, CFO of Yirendai, added:

“We have maintained strong growth momentum during the quarter. We delivered solid financial results in 2017 as we further grow our business from online channels and start to expand into new business such as wealth management and technology platform business. Going into 2018, we will continue to grow overall topline and bottom line while capture all the business opportunities as we enter into industry consolidation period. We will also strive to expand our partnerships with leading financial institutions to diversify funding sources and maintain funding cost advantage.”

 

 

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