Chinese Consumer Finance Platform LexinFintech Announces First Quarter 2019 Unaudited Financial Results

China-based consumer finance platform LexinFintech announced on Friday its first quarter 2019 unaudited financial results, which ended on March 31st. According to LixinFintech, Operational Highlights include:

  • Total outstanding principal balance of loans1 reached RMB35.0 billion as of March 31, 2019, representing an increase of 64.7% from RMB21.3 billion as of March 31, 2018.
  • Total loan originations1 in the first quarter of 2019 reached RMB20.1 billion, an increase of 35.6% from RMB14.8 billion in the first quarter of 2018.
  • The GMV2 of our e-commerce channel amounted to RMB1.7 billion, representing an increase of 41.8% from RMB1.2 billion in the first quarter of 2018.
  • The weighted average tenor of loans originated on our platform in the first quarter of 2019 was approximately 12.5 months. The weighted average APR3 was 26.2% for the first quarter of 2019.
  • Total number of registered users reached 42.2 million as of March 31, 2019, representing an increase of 59.6% from 26.4 million as of March 31, 2018; and users with credit line reached 11.6 million as of March 31, 2019, up by 41.6% from 8.2 million as of March 31, 2018.
  • Number of active users4 in the first quarter of 2019 reached 3.2 million, representing an increase of 22.4% from 2.6 million in the first quarter of 2018. Number of new active users in the first quarter of 2019 was 705 thousand, representing an increase of 59.6% from 441 thousand in the first quarter of 2018.
  • 90 day+ delinquency ratio5 was 1.42% as of March 31st.

Financial Highlights:

  • Total operating revenue reached RMB2.0 billion. Financial services income reached RMB1.3 billion, representing an increase of 23.9% from the first quarter of 2018. Loan facilitation and servicing fees reached RMB911 million, representing an increase of 342% from the first quarter of 2018.
  • Gross profit reached RMB907 million, representing an increase of 101% from the first quarter of 2018.
  • Net income was RMB583 million, representing an increase of 228% from the first quarter of 2018.
  • Non-GAAP EBIT6 was RMB742 million, representing an increase of 197% from the first quarter of 2018.
  • Adjusted net income6 was RMB622 million, representing an increase of 203% from the first quarter of 2018. Adjusted net income per ADS6 was RMB3.44 on a fully diluted basis.

Speaking about the results, Jay Wenjie Xiao, Lexin’s Chairman and CEO, stated;

“I am excited to report another quarter of strong performance, which has been driven by our three key advantages of diversified funding sources, financial technology, and consumption scenarios, We are looking forward to going beyond consumer finance services in the years to come. We will continue to focus on our customer cohort, the educated young adults, and cater to their consumption needs by offering even more relevant services.”

Craig Yan Zeng, Lexin’s CFO, added:

“We continue to see strong year-on-year growth in our business in the first quarter. In the first quarter, Lexin’s gross profit reached RMB907 million and our non-GAAP EBIT reached RMB742 million, representing an increase of 101% and 197% from the same period in 2018. Our adjusted net income also increased by 203% to RMB622 million as a result of our strong performance.”

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