Yiren Digital Reports First Quarter 2024 Financial Results
Yiren Digital (NYSE: YRD) reported its unaudited financial results for Q1 2024. Total revenues reached RMB1.4 billion (US$190.9 million), a 39.7% year-over-year increase. The financial services business saw a 52.5% rise in revenue, totaling RMB738.1 million. However, the insurance brokerage business experienced a 36.4% decline in revenue, attributed to regulatory changes affecting life insurance products. The company's consumption and lifestyle business showed a 68.3% increase in revenue.
Net income for Q1 2024 was RMB485.9 million (US$67.3 million), up from RMB427.2 million in Q1 2023. Net cash generated from operating activities was RMB631.7 million (US$87.5 million), while cash and equivalents stood at RMB5.9 billion as of March 31, 2024. The company also repurchased USD 2.1 million worth of shares.
Additionally, Yiren Digital announced a new ESG Board Committee and upgraded its Code of Business Conduct and Ethics. The board welcomed Mrs. Shuo Zheng, succeeding Mr. Qing Li. Future projections indicate Q2 2024 revenues between RMB1.4 billion and RMB1.6 billion.
- Total revenue increased by 39.7% year-over-year, reaching RMB1.4 billion.
- Financial services business revenue rose by 52.5%, totaling RMB738.1 million.
- Consumption and lifestyle business revenue increased by 68.3%.
- Net income for Q1 2024 was RMB485.9 million, up from RMB427.2 million in Q1 2023.
- Net cash generated from operating activities was RMB631.7 million.
- The company repurchased USD 2.1 million worth of shares.
- Cash and cash equivalents stood at RMB5.9 billion as of March 31, 2024.
- Insurance brokerage business revenue declined by 36.4% due to regulatory changes.
- Gross written premiums decreased by 24.5% quarter-over-quarter.
- Number of insurance clients in Q1 2024 decreased by 28.1% compared to Q4 2023.
- Total gross merchandise volume from e-commerce decreased by 9.8% from Q4 2023.
- Sales and marketing expenses increased to RMB277.2 million from RMB106.2 million year-over-year.
- Allowance for contract assets and receivables rose to RMB102.3 million from RMB39.4 million year-over-year.
- Provision for contingent liabilities increased to RMB67.3 million from RMB5.5 million year-over-year.
Insights
Yiren Digital's financial results for the first quarter of 2024 present a mixed yet generally positive picture for investors. The company's total net revenue increased by
However, a notable area of concern is the insurance brokerage business, which experienced a revenue decrease of
On the expense side, sales and marketing expenses have markedly increased to
Another positive indicator is the company's strong cash position, ending the quarter with
For retail investors, it is essential to monitor the company's balance between aggressive marketing and maintaining profitability. Additionally, the impact of regulatory changes on different business segments should be closely watched, as they can significantly affect revenue streams.
Yiren Digital's market performance reflects its strategic emphasis on leveraging AI to drive growth. The company's AI Lab initiative, which is currently in its early stages, underscores its commitment to integrating AI across operations. This phased approach to AI adoption—starting from empowering existing business functions to eventually exploring future commercialization—could potentially lead to innovative products and enhanced operational efficiency.
The company's approach to AI is methodical, aiming to strengthen competitive advantages developed over the past decade rather than pivoting abruptly. For retail investors, this signifies that the firm is not only focused on short-term gains but is also laying the groundwork for sustainable, long-term growth.
Furthermore, the company's investment in the consumption and lifestyle segment is notable. Although there's a seasonal dip in gross merchandise volume, the overall 68.3% year-on-year growth to
Investors should keep an eye on the delinquency rates and the cumulative net charge-off rates, as these indicate the credit health of the loan portfolio. While the slight increases in these rates are not alarming, they warrant monitoring in subsequent quarters.
Yiren Digital's operational adjustments in response to regulatory changes, particularly in the insurance segment, highlight the importance of regulatory compliance in their business model. The company's recent decline in life insurance volume and gross written premiums can be traced back to product changes required by new regulations. This serves as a reminder to investors that regulatory landscapes can significantly impact business operations and revenue streams.
Additionally, the establishment of an ESG Board Committee and the upgrade of the Code of Business Conduct and Ethics to incorporate ESG-related topics are strategic moves to align with global best practices and attract ESG-conscious investors. This shows the company's proactive stance on governance and sustainability, which is increasingly becoming a focal point for investors.
For retail investors, it's essential to recognize that regulatory compliance not only helps in mitigating risks but also enhances the company's reputation and can lead to long-term value creation. The balance between adhering to regulatory requirements and driving business growth should be closely evaluated.
First Quarter 2024 Operational Highlights
Financial Services Business
- Total loans facilitated in the first quarter of 2024 reached
RMB11.9 billion (US ), representing an increase of$1.6 billion 2.3% fromRMB11.6 billion in the fourth quarter of 2023 and compared toRMB6.4 billion in the same period of 2023. - Cumulative number of borrowers served reached 9,978,280 as of March 31, 2024, representing an increase of
7.3% from 9,295,666 as of December 31, 2023 and compared to 7,582,435 as of March 31, 2023. - Number of borrowers served in the first quarter of 2024 was 1,352,200, representing a decrease of
1.4% from 1,371,501 in the fourth quarter of 2023 and compared to 872,235 in the same period of 2023. The slight decrease was due to seasonable reasons and the ongoing optimization of customer mix. - Outstanding balance of performing loans facilitated reached
RMB20.2 billion (US ) as of March 31, 2024, representing an increase of$2.8 billion 10.4% fromRMB18.3 billion as of December 31, 2023 and compared toRMB11.1 billion as of March 31, 2023.
Insurance Brokerage Business
- Cumulative number of insurance clients served reached 1,343,660 as of March 31, 2024, representing an increase of
4.7% from 1,283,102 as of December 31, 2023 and compared to 1,007,238 as of March 31, 2023. - Number of insurance clients served in the first quarter of 2024 was 73,687, representing a decrease of
28.1% from 102,556 in the fourth quarter of 2023 and compared to 80,856 in the same period of 2023. The decrease was primarily due to the decline in life insurance volume resulting from product changes required by new regulations. - Gross written premiums in the first quarter of 2024 were
RMB912.4 million (US ), representing a decrease of$126.4 million 24.5% fromRMB1,208.7 million in the fourth quarter of 2023 and compared toRMB923.4 million in the same period of 2023. The decrease was mainly attributed to the declined life insurance volume resulting from product changes required by new regulations.
Consumption and Lifestyle Business
- Total gross merchandise volume generated through our e-commerce platform and "Yiren Select" channel reached
RMB625.1 million (US ) in the first quarter of 2024, representing a decrease of$86.6 million 9.8% fromRMB692.7 million in the fourth quarter of 2023 and compared toRMB308.6 million in the same period of 2023. The decrease was mainly due to seasonal reasons. As the penetration of our consumption and lifestyle products and services further grows in the existing customer pool, the growth rate of this segment is expected to gradually normalize, aligning with the growth pace of our other business segments
"We are pleased to report another solid quarter, with stable growth in our top line and overall business scale during a traditional off-season in the industry, while maintaining healthy profitability," said Mr. Ning Tang, Chairman and Chief Executive Officer.
"We are also excited to announce that our 'AI Lab' initiative has begun to yield early results, as AI integration continues to permeate all aspects of our operations. Our AI strategy is structured in three comprehensive phases: firstly, empowering existing business; secondly, building advanced AI capabilities and ecosystem; and lastly, for the long-term goal, exploring future AI commercialization. It is not a sudden shift in business direction but a solid, step-by-step approach to upgrading and sharpening our core competitive strengths that we've built over the past decade of operations."
"In the first quarter of 2024, our total revenue reached
First Quarter 2024 Financial Results
Total net revenue in the first quarter of 2024 was
Sales and marketing expenses in the first quarter of 2024 were
Origination, servicing and other operating costs in the first quarter of 2024 were
Research and development expenses[1] in the first quarter of 2024 were
General and administrative expenses in the first quarter of 2024 were
Allowance for contract assets, receivables and others in the first quarter of 2024 was
Provision for contingent liabilities in the first quarter of 2024 was
Income tax expense in the first quarter of 2024 was
Net income in the first quarter of 2024 was
Adjusted EBITDA[3] (non-GAAP) in the first quarter of 2024 was
Basic and diluted income per ADS in the first quarter of 2024 were
Net cash generated from operating activities in the first quarter of 2024 was
Net cash used in investing activities in the first quarter of 2024 was
Net cash used in financing activities in the first quarter of 2024 was
As of March 31, 2024, cash and cash equivalents were
Delinquency rates. As of March 31, 2024, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were
Cumulative M3+ net charge-off rates. As of March 31, 2024, the cumulative M3+ net charge-off rates for loans originated in 2021, 2022 and 2023 were
Business Outlook
Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the second quarter of 2024 to be between
This is the Company's current and preliminary view, which is subject to changes and uncertainties.
Recent Development
1) Board Composition Change
On June 17, 2024, Mr. Qing Li resigned from the board of directors of the Company (the "Board") due to personal reasons. Mrs. Shuo Zheng was appointed by the Board as a director of the Company to succeed Mr. Qing Li. In addition, the Board has appointed Mrs. Zheng as (i) a member of the nominating and corporate governance committee, (ii) a member of the audit committee, (iii) a member of the compensation committee, and (iv) a member of the newly formed ESG (Environmental, Social, and Governance) committee of the Board. The director change became effective on June 17, 2024.
Mrs. Shuo Zheng has over 28 years of experience in financial control and regulatory compliance within both corporate and personal banking sectors. From June 2016 to July 2023, she had served as the Head of Regulatory Compliance and Branch Compliance at JPMorgan Chase Bank China. Prior to this, from August 2011 to June 2016, she was the Head of North Region Compliance and Approved Compliance Officer for Citibank Beijing branch. Ms. Zheng also held positions at
The Board has determined that Mrs. Zheng satisfies the "independence" requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and Rule 10A-3 under the Securities Exchange Act of 1934, as amended.
"On behalf of the Board, I would like to extend our gratitude to Mr. Qing Li for his years of contributions to Yiren Digital and wish him all the best in his future endeavors," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "We are also delighted to welcome Mrs. Zheng to the Board. We believe her extensive experience in financial control and regulatory compliance will add significant value to the Board and enhance the overall governance and management of our Company."
2) Establishment of ESG Board Committee
As a strategic imperative that reflects our commitment to sustainable growth and responsible corporate governance, the Board has approved the establishment of an ESG (Environmental, Social, and Governance) Committee under the Board, consisting of Mr. Ning Tang as the committee chair, Mr. Hao Li and Mrs. Shuo Zheng as the committee members, effective June 17, 2024.
By creating this dedicated committee, the Company ensures that ESG considerations are embedded at the highest level of decision-making, aligning our operations with global best practices and stakeholder expectations. This committee will provide focused oversight on ESG matters, drive initiatives that mitigate environmental impact, promote social responsibility, and uphold strong governance standards.
Furthermore, this will enhance our transparency and accountability, attract socially conscious investors and foster long-term value creation for all stakeholders, positioning the Company as a leader in sustainability, ready to address the evolving challenges and opportunities in the industry.
3) Upgrade of Code of Business Conduct and Ethics
In line with our commitment to enhanced non-financial risk control and improved ESG efforts, the Company has amended and restated its Code of Business Conduct and Ethics (the "Code") to incorporate ESG-related topics. The revised Code became effective on June 17, 2024 and is available on our IR website at https://ir.yiren.com/Committee-Composition.
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
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
Conference Call
Yiren Digital's management will host an earnings conference call at 7:30 a.m.
Participants who wish to join the call should register online in advance of the conference at: https://dpregister.com/sreg/10189856/fcb1994da0
Once registration is completed, participants will receive the dial-in details for the conference call.
Additionally, a live and archived webcast of the conference call will be available at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=1RBjWm6O
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
About Yiren Digital
Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in
[1] Research and development expenses have been segregated from general and administrative expenses and restated for historical periods to better reflect the Company's cost and expense structure.
[2] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on 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.
Unaudited Condensed Consolidated Statements of Operations | |||||
(in thousands, except for share, per share and per ADS data, and percentages) | |||||
| |||||
March 31, | March 31, | March 31, | |||
RMB | RMB | USD | |||
Net revenue: | |||||
Loan facilitation services | 417,165 | 676,295 | 93,666 | ||
Post-origination services | 6,316 | 1,772 | 245 | ||
Insurance brokerage services | 196,358 | 124,926 | 17,302 | ||
Financing services | 22,577 | 10,666 | 1,477 | ||
Electronic commerce services | 242,858 | 502,936 | 69,656 | ||
Guarantee services | 5,759 | 16,853 | 2,334 | ||
Others | 95,310 | 44,636 | 6,182 | ||
Total net revenue | 986,343 | 1,378,084 | 190,862 | ||
Operating costs and expenses: | |||||
Sales and marketing | 106,212 | 277,223 | 38,395 | ||
Origination,servicing and other operating costs | 199,745 | 233,270 | 32,308 | ||
Research and development | 29,169 | 40,521 | 5,612 | ||
General and administrative | 63,381 | 83,674 | 11,589 | ||
Allowance for contract assets, receivables and others | 39,406 | 102,334 | 14,173 | ||
Provision for contingent liabilities | 5,499 | 67,258 | 9,315 | ||
Total operating costs and expenses | 443,412 | 804,280 | 111,392 | ||
Other income/(expenses): | |||||
Interest income, net | 14,519 | 27,713 | 3,838 | ||
Fair value adjustments related to Consolidated ABFE | (11,203) | 15,468 | 2,142 | ||
Others, net | 3,589 | 677 | 95 | ||
Total other income | 6,905 | 43,858 | 6,075 | ||
Income before provision for income taxes | 549,836 | 617,662 | 85,545 | ||
Income tax expense | 122,670 | 131,779 | 18,251 | ||
Net income | 427,166 | 485,883 | 67,294 | ||
Weighted average number of ordinary shares outstanding, basic | 177,782,059 | 174,282,443 | 174,282,443 | ||
Basic income per share | 2.4028 | 2.7879 | 0.3861 | ||
Basic income per ADS | 4.8056 | 5.5758 | 0.7722 | ||
Weighted average number of ordinary shares outstanding, diluted | 180,180,975 | 176,202,571 | 176,202,571 | ||
Diluted income per share | 2.3708 | 2.7575 | 0.3819 | ||
Diluted income per ADS | 4.7416 | 5.5150 | 0.7638 | ||
Unaudited Condensed Consolidated Cash Flow Data | |||||
Net cash generated from operating activities | 390,307 | 631,743 | 87,495 | ||
Net cash provided by/(used in) investing activities | 774,283 | (683,697) | (94,691) | ||
Net cash used in financing activities | (392,831) | (14,774) | (2,046) | ||
Effect of foreign exchange rate changes | (181) | 1,340 | 186 | ||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 771,578 | (65,388) | (9,056) | ||
Cash, cash equivalents and restricted cash, beginning of period | 4,360,695 | 6,058,604 | 839,107 | ||
Cash, cash equivalents and restricted cash, end of period | 5,132,273 | 5,993,216 | 830,051 | ||
Unaudited Condensed Consolidated Balance Sheets | |||||
(in thousands) | |||||
As of | |||||
December 31, | March 31, | March 31, | |||
RMB | RMB | USD | |||
Cash and cash equivalents | 5,791,333 | 5,903,995 | 817,694 | ||
Restricted cash | 267,271 | 89,221 | 12,357 | ||
Trading securities | 76,053 | 77,967 | 10,798 | ||
Accounts receivable | 499,027 | 610,745 | 84,588 | ||
Guarantee receivable | 2,890 | 36,787 | 5,095 | ||
Contract assets, net | 978,051 | 994,116 | 137,683 | ||
Contract cost | 32 | 18 | 2 | ||
Prepaid expenses and other assets | 423,621 | 1,273,040 | 176,314 | ||
Loans at fair value | 677,835 | 655,058 | 90,725 | ||
Financing receivables | 116,164 | 73,383 | 10,163 | ||
Amounts due from related parties | 820,181 | 726,991 | 100,687 | ||
Held-to-maturity investments | 10,420 | 10,420 | 1,443 | ||
Available-for-sale investments | 438,084 | 379,489 | 52,559 | ||
Property, equipment and software, net | 79,158 | 77,777 | 10,772 | ||
Deferred tax assets | 73,414 | 59,260 | 8,207 | ||
Right-of-use assets | 23,382 | 18,758 | 2,598 | ||
Total assets | 10,276,916 | 10,987,025 | 1,521,685 | ||
Accounts payable | 30,902 | 41,484 | 5,745 | ||
Amounts due to related parties | 14,414 | 1,122 | 155 | ||
Guarantee liabilities-stand ready | 8,802 | 40,583 | 5,621 | ||
Guarantee liabilities-contingent | 28,351 | 81,921 | 11,346 | ||
Deferred revenue | 54,044 | 46,807 | 6,483 | ||
Payable to investors at fair value | 445,762 | 445,762 | 61,737 | ||
Accrued expenses and other liabilities | 1,463,369 | 1,595,052 | 220,912 | ||
Deferred tax liabilities | 122,075 | 114,222 | 15,820 | ||
Lease liabilities | 23,648 | 19,025 | 2,635 | ||
Total liabilities | 2,191,367 | 2,385,978 | 330,454 | ||
Ordinary shares | 130 | 130 | 18 | ||
Additional paid-in capital | 5,171,232 | 5,172,942 | 716,444 | ||
Treasury stock | (94,851) | (109,444) | (15,158) | ||
Accumulated other comprehensive income | 23,669 | 66,671 | 9,234 | ||
Retained earnings | 2,985,369 | 3,470,748 | 480,693 | ||
Total equity | 8,085,549 | 8,601,047 | 1,191,231 | ||
Total liabilities and equity | 10,276,916 | 10,987,025 | 1,521,685 | ||
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures | |||||
(in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and percentages) | |||||
| |||||
March 31, | March 31, | March 31, | |||
RMB | RMB | USD | |||
Operating Highlights | |||||
Amount of loans facilitated | 6,420,213 | 11,910,367 | 1,649,567 | ||
Number of borrowers | 872,235 | 1,352,200 | 1,352,200 | ||
Remaining principal of performing loans | 11,129,221 | 20,156,161 | 2,791,596 | ||
Cumulative number of insurance clients | 1,007,238 | 1,343,660 | 1,343,660 | ||
Number of insurance clients | 80,856 | 73,687 | 73,687 | ||
Gross written premiums | 923,382 | 912,431 | 126,370 | ||
First year premium | 627,314 | 514,141 | 71,208 | ||
Renewal premium | 296,068 | 398,290 | 55,162 | ||
Gross merchandise volume | 308,567 | 625,120 | 86,578 | ||
Segment Information | |||||
Financial services business: | |||||
Revenue | 483,873 | 738,117 | 102,228 | ||
Sales and marketing expenses | 62,218 | 251,922 | 34,891 | ||
Origination, servicing and other operating costs | 47,609 | 85,787 | 11,882 | ||
Allowance for contract assets, receivables and others | 40,222 | 101,127 | 14,006 | ||
Provision for contingent liabilities | 5,499 | 67,258 | 9,315 | ||
Insurance brokerage business: | |||||
Revenue | 196,358 | 124,926 | 17,302 | ||
Sales and marketing expenses | 2,289 | 3,565 | 494 | ||
Origination, servicing and other operating costs | 133,617 | 136,883 | 18,958 | ||
Allowance for contract assets, receivables and others | 12 | 1,012 | 140 | ||
Consumption & lifestyle business and others: | |||||
Revenue | 306,112 | 515,041 | 71,332 | ||
Sales and marketing expenses | 41,705 | 21,736 | 3,010 | ||
Origination, servicing and other operating costs | 18,519 | 10,600 | 1,468 | ||
Allowance for contract assets, receivables and others | (479) | 9 | 1 | ||
Reconciliation of Adjusted EBITDA | |||||
Net income | 427,166 | 485,883 | 67,294 | ||
Interest income, net | (14,519) | (27,713) | (3,838) | ||
Income tax expense | 122,670 | 131,779 | 18,251 | ||
Depreciation and amortization | 1,868 | 1,892 | 262 | ||
Share-based compensation | 2,089 | 1,207 | 167 | ||
Adjusted EBITDA | 539,274 | 593,048 | 82,136 | ||
Adjusted EBITDA margin | 54.7 % | 43.0 % | 43.0 % | ||
Delinquency Rates | ||||||
15-29 days | 30-59 days | 60-89 days | ||||
December 31, 2019 | 0.8 % | 1.3 % | 1.0 % | |||
December 31, 2020 | 0.5 % | 0.7 % | 0.6 % | |||
December 31, 2021 | 0.9 % | 1.5 % | 1.2 % | |||
December 31, 2022 | 0.7 % | 1.3 % | 1.1 % | |||
December 31, 2023 | 0.9 % | 1.4 % | 1.2 % | |||
March 31, 2024 | 0.9 % | 1.6 % | 1.4 % | |||
Net Charge-Off Rate | ||||||
Loan Issued | Amount of Loans | Accumulated M3+ Net | Total Net Charge-Off | |||
(in RMB thousands) | (in RMB thousands) | |||||
2019 | 3,431,443 | 384,442 | 11.2 % | |||
2020 | 9,614,819 | 734,218 | 7.6 % | |||
2021 | 23,195,224 | 1,451,220 | 6.3 % | |||
2022 | 22,623,101 | 1,059,319 | 4.7 % | |||
2023 | 36,036,301 | 1,396,260 | 3.9 % | |||
M3+ Net Charge-Off Rate | ||||||||||||
Loan Issued | Month on Book | |||||||||||
4 | 7 | 10 | 13 | 16 | 19 | 22 | 25 | 28 | 31 | 34 | ||
2019Q1 | 0.0 % | 0.8 % | 2.0 % | 3.4 % | 5.3 % | 5.9 % | 6.3 % | 6.3 % | 6.3 % | 6.3 % | 6.3 % | |
2019Q2 | 0.1 % | 1.5 % | 4.5 % | 7.5 % | 8.8 % | 9.2 % | 9.9 % | 10.3 % | 10.6 % | 10.6 % | 10.6 % | |
2019Q3 | 0.2 % | 2.9 % | 6.8 % | 9.0 % | 10.4 % | 12.0 % | 13.2 % | 13.8 % | 14.4 % | 14.6 % | 14.6 % | |
2019Q4 | 0.4 % | 3.1 % | 4.9 % | 6.3 % | 7.2 % | 7.9 % | 8.4 % | 8.9 % | 9.5 % | 9.8 % | 9.8 % | |
2020Q1 | 0.6 % | 2.3 % | 4.1 % | 5.2 % | 6.0 % | 6.2 % | 6.6 % | 7.3 % | 7.8 % | 7.9 % | 7.9 % | |
2020Q2 | 0.5 % | 2.5 % | 4.2 % | 5.3 % | 6.1 % | 6.7 % | 7.6 % | 8.1 % | 8.2 % | 8.3 % | 8.2 % | |
2020Q3 | 1.1 % | 3.3 % | 5.1 % | 6.3 % | 7.1 % | 8.1 % | 8.7 % | 8.9 % | 8.9 % | 8.8 % | 8.7 % | |
2020Q4 | 0.3 % | 1.8 % | 3.2 % | 4.6 % | 6.0 % | 7.1 % | 7.4 % | 7.6 % | 7.6 % | 7.5 % | 7.5 % | |
2021Q1 | 0.4 % | 2.3 % | 3.9 % | 5.5 % | 6.7 % | 7.0 % | 7.2 % | 7.3 % | 7.2 % | 7.1 % | 7.0 % | |
2021Q2 | 0.4 % | 2.4 % | 4.5 % | 5.9 % | 6.4 % | 6.7 % | 6.8 % | 6.7 % | 6.6 % | 6.5 % | ||
2021Q3 | 0.5 % | 3.1 % | 5.0 % | 5.9 % | 6.3 % | 6.4 % | 6.4 % | 6.3 % | 6.2 % | |||
2021Q4 | 0.6 % | 3.2 % | 4.6 % | 5.3 % | 5.4 % | 5.4 % | 5.3 % | 5.2 % | ||||
2022Q1 | 0.6 % | 2.5 % | 3.8 % | 4.5 % | 4.5 % | 4.4 % | 4.3 % | |||||
2022Q2 | 0.4 % | 2.2 % | 3.6 % | 4.1 % | 4.2 % | 4.1 % | ||||||
2022Q3 | 0.5 % | 2.7 % | 4.1 % | 4.7 % | 4.8 % | |||||||
2022Q4 | 0.6 % | 3.0 % | 4.6 % | 5.4 % | ||||||||
2023Q1 | 0.5 % | 3.1 % | 4.9 % | |||||||||
2023Q2 | 0.5 % | 3.2 % | ||||||||||
2023Q3 | 0.7 % | |||||||||||
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SOURCE Yiren Digital
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