Yirendai’s net earnings jump 23%
Print Edition
YIRENDAI Ltd, a leading financial technology company in China, earned a net profit of 1.37 billion yuan (US$220 million) in 2017, up 23 percent from the prior year, said its unaudited annual financial report.
Its total net revenue surged 71 percent to 5.54 billion yuan during the same period, the report said, showing great potential of the fast expanding online financing sector. For 2017, the US-listed company extended 41.4 billion yuan of loans to 649,154 qualified individual borrowers through its online marketplace, up 102 percent year on year.
Yirendai said that around three quarters of its borrowers were acquired from online channels during the past year and nearly all of the loan volume originating from online channels was done through mobile.
Thanks to its expanded online business, the financial technology firm helped 592,642 investors with a total investment of 48.07 billion yuan from January to December 2017.
Total fees billed, a major contributor to the company’s net income, were 2.94 billion yuan in the fourth quarter of 2017, up by 81 percent from the same period of 2016.
Fang Yihan, chief executive of Yirendai, said it will grow its online lending, online wealth management and technology businesses in 2018.
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