Form 6-K Yiren Digital Ltd. For: Nov 26

 

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2021

 

 

Commission File Number: 001-37657

 

 

YIREN DIGITAL LTD.

 

10/F, Building 9, 91 Jianguo Road

Chaoyang District, Beijing 100022

The People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F        x            Form 40-F        ¨

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):        ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):        ¨

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Yiren Digital Ltd.

  

	By	/s/ Na Mei
	Name:	Na Mei
	Title:	Chief Financial Officer

 

Date: November 26, 2021

 

 

Exhibit Index

 

Exhibit 99.1—Yiren Digital Reports Third Quarter 2021 Financial Results

  

 

 

Exhibit 99.1

 

 

 

Yiren Digital Reports Third Quarter 2021 Financial Results

 

11/24/21

 

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 1.1 million 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	%

 

 

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