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Yiren Digital Q3 Profit Soars 48%

November 17, 2019 10:10 pm

Beijing (PingWest)- Yiren Digital, a leading fintech company in China, saw its net profit grew by 48% year-over-year to CNY228 million for the third quarter of 2019, the total revenue came in at CNY2.56 billion. The result is still preliminary as it still need to be review by audit.

Cumulative number of investors served reached 2,200, 223, representing an increase of 0.7% from 2,185,513 in the second quarter of 2019 and compared to 2,042,607 in the third quarter of 2018.

On credit performance and risk management, we are seeing promising improvements in early delinquencies this quarter indicating an enhanced asset quality” said Huan Chen, Chief Risk Officer of Yiren Digital. “Despite industry uncertainties our early conservative credit policy adjustment has shown improving trends and we are working with regulators in connecting our data to PBOC.”

Looking forward, we will stay focused on driving our credit business and enhancing shareholder value by expanding our product portfolio, achieving further diversification in funding sources and seeking new marketing channels. On wealth management, we rolled out online financial advisory services to selected clients in the third quarter of 2019 and we will continue to focus on building up our investor’s investment portfolio in non-p2p wealth management products,” said Ning Tang, Chairman and Chief Executive Officer of Yiren Digital.