Yiren Digital Reports Third Quarter 2023 Financial Results

Rhea-AI Summary

Yiren Digital Ltd. (YRD) reported a strong third quarter for 2023, with total net revenue increasing 55.9% year-over-year to RMB1.3 billion. The company's net income also rose by 105% year-over-year to RMB554.4 million. With total loans facilitated reaching RMB9.8 billion and a cumulative number of borrowers served at 8,595,780, Yiren Digital demonstrated a strong performance in its financial services business. Despite a decrease in the number of insurance clients served, the gross written premiums increased by 7.2%. The company's e-commerce platform and 'Yiren Select' channel also experienced significant growth, with total gross merchandise volume reaching RMB563.2 million, a 42.3% increase from the previous quarter.

Positive

• Total net revenue increased by 55.9% year-over-year to RMB1.3 billion in the third quarter of 2023
• Net income rose by 105% year-over-year to RMB554.4 million
• Total loans facilitated reached RMB9.8 billion, with a cumulative number of borrowers served at 8,595,780
• Gross written premiums in the insurance brokerage business increased by 7.2%
• Total gross merchandise volume generated through the e-commerce platform and 'Yiren Select' channel reached RMB563.2 million, a 42.3% increase from the previous quarter

Negative

• None.

BEIJING, Nov. 21, 2023 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), an AI-driven one-stop select financial and lifestyle services platform in China, today announced its unaudited financial results for the quarter ended September 30, 2023.

Third Quarter 2023 Operational Highlights

Financial Services Business

• Total loans facilitated in the third quarter of 2023 reached RMB9.8 billion (US$1.3 billion), representing an increase of 20.3% from RMB8.2 billion in the second quarter of 2023 and compared to RMB6.3 billion in the same period of 2022.
• Cumulative number of borrowers served reached 8,595,780 as of September 30, 2023, representing an increase of 7.4% from 8,002,372 as of June 30, 2023 and compared to 6,960,095 as of September 30, 2022.
• Number of borrowers served in the third quarter of 2023 was 1,204,012, representing an increase of 18.7% from 1,013,972 in the second quarter of 2023 and compared to 737,320 in the same period of 2022. The increase was driven by the strong demand for our small revolving loan products and the improvement of customer acquisition efficiency.
• Outstanding balance of performing loans facilitated reached RMB15.1 billion (US$2.1 billion) as of September 30, 2023, representing an increase of 18.2% from RMB12.8 billion as of June 30, 2023 and compared to RMB10.6 billion as of September 30, 2022. 

Insurance Brokerage Business

• Cumulative number of insurance clients served reached 1,256,762 as of September 30, 2023, representing an increase of 10.9% from 1,133,069 as of June 30, 2023 and compared to 866,874 as of September 30, 2022.
• Number of insurance clients served in the third quarter of 2023 was 123,693, representing a decrease of 8.7% from 135,449 in the second quarter of 2023 and compared to 156,294 in the same period of 2022. The decrease was primarily a result of our strategic shift towards prioritizing products with higher average premiums.
• Gross written premiums in the third quarter of 2023 were RMB1,428.5 million (US$195.8 million), representing an increase of 7.2% from RMB1,332.5 million in the second quarter of 2023 and compared to RMB996.9 million in the same period of 2022. The increase was mainly attributed to the contribution from the renewal premiums of long-term insurance policies.

Consumption and Lifestyle Business

• Total gross merchandise volume generated through our e-commerce platform and "Yiren Select" channel reached RMB563.2 million (US$77.2 million) in the third quarter of 2023, representing an increase of 42.3% from RMB395.8 million in the second quarter of 2023 and compared to RMB249.6 million in the same period of 2022. The increase was mainly due to the continuous growth of paying customers on our e-commerce platform.

"Over the past quarter, we invested in AI across the enterprise, and we have noted tangible progress in improving operational efficiencies and enhanced profitability," said Mr. Ning Tang, Chairman and Chief Executive Officer. "We are confident in maintaining our leading position as an AI and technology-driven financial and lifestyle services platform through continued investments in technological innovation."

"Amidst a moderately recovering macro environment, we are pleased by the financial results we achieved this quarter with net revenue increasing 56% year-over-year to RMB1.3 billion and net income increasing 105% year-over-year to RMB554.4 million," Ms. Na Mei, Chief Financial Officer commented. "In the third quarter, we generated approximately RMB645.4 million cash from operations and as of quarter-end, our cash position remains strong at RMB5.4 billion."

Third Quarter 2023 Financial Results

Total net revenue in the third quarter of 2023 was RMB1,310.8 million (US$179.7 million), representing an increase of 55.9% from RMB840.7 million in the third quarter of 2022. Particularly, in the third quarter of 2023, revenue from financial services business was RMB668.0 million (US$91.6 million), representing an increase of 35.4% from RMB493.4 million in the same period of 2022. The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB264.6 million (US$36.3 million), representing an increase of 40.0% from RMB189.0 million in the third quarter of 2022. The increase was due to the effectiveness of the cross-selling between property and life insurance, as well as an increase in high-premium policy sales. Revenue from consumption and lifestyle business and others was RMB378.2 million (US$51.8 million), representing an increase of 139.0% from RMB158.3 million in the third quarter of 2022. The increase was primarily attributed to the continuous growth in gross merchandise volume generated through our e-commerce platform, driven by an expanding base of paying customers on the platform.

Sales and marketing expenses in the third quarter of 2023 were RMB195.7 million (US$26.8 million), compared to RMB136.4 million in the same period of 2022. The increase was primarily due to the growth of financial services business volume.

Origination, servicing and other operating costs in the third quarter of 2023 were RMB245.4 million (US$33.6 million), compared to RMB223.6 million in the same period of 2022. The increase was due to the expanding insurance brokerage business.

Research and development expenses^[1] in the third quarter of 2023 were RMB39.0 million (US$5.3 million), compared to RMB33.4 million in the same period of 2022. The increase was mainly attributed to our ongoing investment in technological innovation.

General and administrative expenses in the third quarter of 2023 were RMB53.5 million (US$7.3 million), compared to RMB76.5 million in the same period of 2022. The decrease resulted from the implementation of our strategy to refine operations, leading to  improvements in overall cost efficiency.

Allowance for contract assets, receivables and others in the third quarter of 2023 was RMB83.8 million (US$11.5 million), compared to RMB35.1 million in the same period of 2022. The increase was primarily attributed to the growing volume of loans facilitated on our platform and additional provisions made for the maturing balances of auto-secured loans.

Income tax expense in the third quarter of 2023 was RMB161.9 million (US$22.2 million).

Net income in the third quarter of 2023 was RMB554.4 million (US$76.0 million), as compared to RMB270.3 million in the same period in 2022. The increase was primarily due to the recovery of business volume and optimization of our business structure.

Adjusted EBITDA^[2] (non-GAAP) in the third quarter of 2023 was RMB692.7 million (US$94.9 million), compared to RMB365.0 million in the same period of 2022.

Basic and diluted income per ADS in the third quarter of 2023 was RMB6.3 (US$0.9) and RMB6.2 (US$0.9), compared to a basic per ADS of RMB3.0 and a diluted per ADS of RMB3.0 in the same period of 2022.

Net cash generated from operating activities in the third quarter of 2023 was RMB645.4 million (US$88.5 million), compared to RMB342.9 million in the same period of 2022.

Net cash used in investing activities in the third quarter of 2023 was RMB393.9 million (US$54.0 million), compared to RMB835.1 million in the same period of 2022.

Net cash used in financing activities in the third quarter of 2023 was RMB502.6 million (US$68.9 million), compared to RMB276.2 million in the same period of 2022.

As of September 30, 2023, cash and cash equivalents were RMB5,438.0 million (US$745.3 million), compared to RMB5,808.8 million as of June 30, 2023. As of September 30, 2023, the balance of held-to-maturity investments was RMB4.8 million (US$0.7 million), compared to RMB5.8 million as of June 30, 2023. As of September 30, 2023, the balance of available-for-sale investments was RMB338.1 million (US$46.3 million), compared to RMB102.6 million as of June 30, 2023. As of September 30, 2023, the balance of trading securities was RMB74.2 million (US$10.2 million), compared to nil as of June 30, 2023.

Delinquency rates. As of September 30, 2023, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.8%, 1.2% and 1.0%, respectively, compared to 0.7%, 1.1% and 1.1%, respectively, as of June 30, 2023.

Cumulative M3+ net charge-off rates. As of September 30, 2023, the cumulative M3+ net charge-off rates for loans originated in 2020, 2021 and 2022 were 7.9%, 6.5% and 4.5%, respectively, as compared to 8.0%, 6.6% and 3.9%, respectively, as of June 30, 2023.

Business Outlook

Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2023 to be between RMB1.0 billion to RMB1.3 billion, with net profit margin expected to remain stable.

This is the Company's current and preliminary view, which is subject to changes and uncertainties.

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.

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 RMB7.2960 to US$1.00, the effective noon buying rate on September 29, 2023, 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 8:00 a.m. U.S. Eastern Time on November 21, 2023 (or 9:00 p.m. Beijing/Hong Kong Time on November 21, 2023).

Participants who wish to join the call should register online in advance of the conference at:

https://s1.c-conf.com/diamondpass/10035120-gh876t.html

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://ir.yirendai.com/presentations-webcasts 

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 the 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 an AI-driven one-stop select financial and lifestyle services platform in China. The Company provides personalized insurance solutions for individuals, families, and businesses, along with high-quality lifestyle services to enhance clients' well-being and security, as well as offers financial consulting services for clients throughout their growth journey, addressing financing needs that arise from consumption and production.

 

[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] "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)
	For the Three Months Ended									For the Nine Months Ended
	September 30, 2022		June 30, 2023		September 30, 2023		September 30, 2023			September 30, 2022		September 30, 2023		September 30, 2023
	RMB		RMB		RMB		USD			RMB		RMB		USD
Net revenue:
Loan facilitation services	334,162		514,353		586,883		80,439			837,548		1,518,401		208,114
Post-origination services	74,433		5,273		984		135			166,720		12,573		1,723
Insurance brokerage services	189,019		404,695		264,611		36,268			532,770		865,664		118,649
Financing services	54,702		14,896		9,937		1,362			242,843		47,410		6,498
Electronic commerce services	52,954		287,725		350,635		48,058			173,742		881,218		120,781
Others	135,385		97,264		97,724		13,395			392,921		296,057		40,579
Total net revenue	840,655		1,324,206		1,310,774		179,657			2,346,544		3,621,323		496,344
Operating costs and expenses:
Sales and marketing	136,406		148,947		195,714		26,825			470,547		450,873		61,797
Origination,servicing and other operating costs	223,622		346,367		245,360		33,629			565,250		791,472		108,480
Research and development expenses	33,422		33,018		38,981		5,343			118,987		101,168		13,866
General and administrative	76,525		63,723		53,519		7,335			219,472		180,623		24,756
Allowance for contract assets, receivables and others	35,074		60,840		83,756		11,480			132,476		189,501		25,974
Total operating costs and expenses	505,049		652,895		617,330		84,612			1,506,732		1,713,637		234,873
Other (expenses)/income:
Interest (expense)/income, net	(378)		10,535		25,815		3,538			(29,741)		50,869		6,972
Fair value adjustments related to Consolidated ABFE	2,077		(17,470)		(8,104)		(1,111)			21,862		(36,777)		(5,041)
Others, net	3,035		2,730		5,177		709			18,930		11,496		1,575
Total other income/(expenses)	4,734		(4,205)		22,888		3,136			11,051		25,588		3,506
Income before provision for income taxes	340,340		667,106		716,332		98,181			850,863		1,933,274		264,977
Income tax expense	70,020		139,758		161,917		22,192			141,227		424,345		58,161
Net income	270,320		527,348		554,415		75,989			709,636		1,508,929		206,816
Weighted average number of ordinary shares outstanding, basic	179,409,525		176,929,176		176,866,653		176,866,653			173,174,370		177,189,206		177,189,206
Basic income per share	1.5067		2.9806		3.1346		0.4296			4.0978		8.5159		1.1672
Basic income per ADS	3.0134		5.9612		6.2692		0.8592			8.1956		17.0318		2.3344
Weighted average number of ordinary shares outstanding, diluted	179,841,065		179,124,032		178,366,565		178,366,565			173,962,494		179,220,434		179,220,434
Diluted income per share	1.5031		2.9440		3.1083		0.4260			4.0792		8.4194		1.1540
Diluted income per ADS	3.0062		5.8880		6.2166		0.8520			8.1584		16.8388		2.3080
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from operating activities	342,888		718,058		645,416		88,462			1,377,540		1,753,781		240,375
Net cash  (used in)/provided by investing activities	(835,064)		(19,988)		(393,919)		(53,991)			(230,586)		360,376		49,394
Net cash used in financing activities	(276,198)		(6,120)		(502,636)		(68,892)			(434,572)		(901,587)		(123,573)
Effect of foreign exchange rate changes	2,284		329		2,395		328			3,592		2,543		349
Net increase in cash, cash equivalents and restricted cash	(766,090)		692,279		(248,744)		(34,093)			715,974		1,215,113		166,545
Cash, cash equivalents and restricted cash, beginning of period	4,427,408		5,132,273		5,824,552		798,321			2,945,344		4,360,695		597,683
Cash, cash equivalents and restricted cash, end of period	3,661,318		5,824,552		5,575,808		764,228			3,661,318		5,575,808		764,228

 

 

Unaudited Condensed Consolidated Balance Sheets
(in thousands)
	As of
	December 31, 2022		June 30,  2023		September 30, 2023		September 30, 2023
	RMB		RMB		RMB		USD
Cash and cash equivalents	4,271,899		5,808,775		5,437,972		745,336
Restricted cash	88,796		15,777		137,836		18,892
Trading securities	-		-		74,185		10,168
Accounts receivable	221,004		490,680		432,824		59,323
Contract assets, net	626,739		694,507		826,088		113,225
Contract cost	787		356		271		37
Prepaid expenses and other assets	321,411		297,018		272,577		37,360
Loans at fair value	54,049		412,389		534,687		73,285
Financing receivables	514,388		252,878		162,411		22,260
Amounts due from related parties	1,266,232		1,098,164		940,472		128,902
Held-to-maturity investments	2,700		5,820		4,820		661
Available-for-sale investments	972,738		102,594		338,069		46,336
Property, equipment and software, net	77,256		73,991		73,446		10,067
Deferred tax assets	84,187		92,359		88,231		12,093
Right-of-use assets	33,909		25,424		27,352		3,749
Total assets	8,536,095		9,370,732		9,351,241		1,281,694
Accounts payable	14,144		66,738		38,025		5,211
Amounts due to related parties	227,724		338,779		27,664		3,792
Deferred revenue	65,539		32,450		27,150		3,721
Accrued expenses and other liabilities	1,315,006		1,427,016		1,483,190		203,288
Secured borrowings	767,900		392,100		-		-
Deferred tax liabilities	79,740		100,178		118,543		16,248
Lease liabilities	35,229		26,930		27,709		3,798
Total liabilities	2,505,282		2,384,191		1,822,235		249,758
Ordinary shares	129		130		130		18
Additional paid-in capital	5,160,783		5,168,632		5,169,821		708,583
Treasury stock	(46,734)		(66,914)		(81,501)		(11,171)
Accumulated other comprehensive income	7,765		23,748		25,873		3,546
Retained earnings	908,870		1,860,945		2,414,683		330,960
Total equity	6,030,813		6,986,541		7,529,006		1,031,936
Total liabilities and equity	8,536,095		9,370,732		9,351,241		1,281,694

 

 

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)
	For the Three Months Ended									For the Nine Months Ended
	September 30, 2022		June 30, 2023		September 30, 2023		September 30, 2023			September 30, 2022		September 30, 2023		September 30, 2023
	RMB		RMB		RMB		USD			RMB		RMB		USD
Operating Highlights
Gross written premiums	996,864		1,332,458		1,428,484		195,790			2,601,100		3,684,325		504,979
First year premium	767,250		1,101,928		914,839		125,389			2,071,610		2,644,082		362,402
Renewal premium	229,614		230,530		513,645		70,401			529,490		1,040,243		142,577
Number of insurance clients	156,294		135,449		123,693		123,693			352,175		293,254		293,254
Cumulative number of insurance clients	866,874		1,133,069		1,256,762		1,256,762			866,874		1,256,762		1,256,762
Amount of loans facilitated	6,298,522		8,156,201		9,814,359		1,345,170			15,839,577		24,390,773		3,343,034
Number of borrowers	737,320		1,013,972		1,204,012		1,204,012			1,228,435		2,128,924		2,128,924
Remaining principal of performing loans	10,630,352		12,768,448		15,090,800		2,068,366			10,630,352		15,090,800		2,068,366
Gross merchandise volume	249,624		395,820		563,224		77,196			395,762		1,267,611		173,740
Segment Information
Insurance brokerage business:
Revenue	189,019		404,695		264,611		36,268			532,770		865,664		118,649
Sales and marketing expenses	2,565		3,845		3,175		435			14,783		9,309		1,276
Origination, servicing and other operating costs	152,983		289,851		176,182		24,148			387,511		599,650		82,189
Financial services business:
Revenue	493,369		581,974		667,966		91,552			1,320,565		1,733,813		237,639
Sales and marketing expenses	88,714		103,164		146,369		20,062			325,934		311,751		42,729
Origination, servicing and other operating costs	39,951		38,961		59,300		8,128			113,454		145,870		19,993
Consumption & lifestyle business and others:
Revenue	158,267		337,537		378,197		51,837			493,209		1,021,846		140,056
Sales and marketing expenses	45,127		41,938		46,170		6,328			129,830		129,813		17,792
Origination, servicing and other operating costs	30,688		17,555		9,878		1,353			64,285		45,952		6,298
Reconciliation of Adjusted EBITDA
Net income	270,320		527,348		554,415		75,989			709,636		1,508,929		206,816
Interest expense/(income), net	378		(10,535)		(25,815)		(3,538)			29,741		(50,869)		(6,972)
Income tax expense	70,020		139,758		161,917		22,192			141,227		424,345		58,161
Depreciation and amortization	8,514		1,778		1,664		228			23,893		5,310		728
Share-based compensation	15,760		3,321		513		70			20,642		5,923		812
Adjusted EBITDA	364,992		661,670		692,694		94,941			925,139		1,893,638		259,545
Adjusted EBITDA margin	43.4 %		50.0 %		52.8 %		52.8 %			39.4 %		52.3 %		52.3 %

 

 

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 %
March 31, 2023		0.6 %		1.2 %		1.2 %
June 30, 2023		0.7 %		1.1 %		1.1 %
September 30,2023		0.8 %		1.2 %		1.0 %

 

 

Net Charge-Off Rate
Loan Issued Period		Amount of Loans Facilitated During the Period		Accumulated M3+ Net Charge-Off as of September 30, 2023		Total Net Charge-Off Rate as of September 30, 2023
		(in RMB thousands)		(in RMB thousands)
2019		3,431,443		390,347		11.4 %
2020		9,614,819		761,411		7.9 %
2021		23,195,224		1,502,598		6.5 %
2022		22,623,101		1,019,963		4.5 %
2023H1		14,576,413		249,378		1.7 %

 

 

		M3+ Net Charge-Off Rate
Loan Issued Period		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 %
2021Q1		0.4 %	2.3 %	3.9 %	5.5 %	6.7 %	7.0 %	7.2 %	7.3 %	7.2 %
2021Q2		0.4 %	2.4 %	4.5 %	5.9 %	6.4 %	6.7 %	6.8 %	6.7 %
2021Q3		0.5 %	3.1 %	5.0 %	5.9 %	6.3 %	6.4 %	6.4 %
2021Q4		0.6 %	3.2 %	4.6 %	5.3 %	5.4 %	5.4 %
2022Q1		0.6 %	2.5 %	3.8 %	4.5 %	4.5 %
2022Q2		0.4 %	2.2 %	3.6 %	4.1 %
2022Q3		0.5 %	2.7 %	4.1 %
2022Q4		0.6 %	3.0 %
2023Q1		0.5 %

 

View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-third-quarter-2023-financial-results-301994534.html

SOURCE Yiren Digital

FAQ

What are Yiren Digital Ltd.'s (YRD) total net revenue and net income for the third quarter of 2023?

Yiren Digital Ltd. (YRD) reported total net revenue of RMB1.3 billion and net income of RMB554.4 million for the third quarter of 2023.

How many loans did Yiren Digital Ltd. (YRD) facilitate in the third quarter of 2023?

Yiren Digital Ltd. (YRD) facilitated a total of RMB9.8 billion in loans in the third quarter of 2023.

What was the cumulative number of borrowers served by Yiren Digital Ltd. (YRD) as of September 30, 2023?

As of September 30, 2023, Yiren Digital Ltd. (YRD) had served a cumulative total of 8,595,780 borrowers.

What was the increase in gross written premiums in the insurance brokerage business for Yiren Digital Ltd. (YRD) in the third quarter of 2023?

The gross written premiums in the insurance brokerage business for Yiren Digital Ltd. (YRD) increased by 7.2% in the third quarter of 2023.

How much did the total gross merchandise volume generated through Yiren Digital Ltd.'s (YRD) e-commerce platform and 'Yiren Select' channel reach in the third quarter of 2023?

The total gross merchandise volume generated through Yiren Digital Ltd.'s (YRD) e-commerce platform and 'Yiren Select' channel reached RMB563.2 million in the third quarter of 2023.