BEIJING, March 25, 2019 (GLOBE NEWSWIRE) -- Yirendai Ltd. (NYSE: YRD) (“Yirendai” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the quarter and full year ended December 31, 2018.

 For Three Months Ended For Twelve Months Ended
in RMB millionDecember
31, 201
8
December
31, 2017
YoY
Change
 December
31, 2018
December
31, 2017
YoY
Change
Amount of Loans Facilitated8,367.213,438.5-38% 38,606.341,406.1-7%
Total Net Revenue1,270.71,824.8-30% 5,620.75,543.41%
Net Income331.4448.8-26% 966.61,371.8-30%
Adjusted EBITDA (non-GAAP)*691.3542.727% 2,460.61,743.841%
Adjusted Income (non-GAAP)*565.0448.826% 1,901.41,371.839%

* For the fourth quarter of 2018, adjusted EBITDA and adjusted net income includes RMB 233.6 million post-tax adjustment on income earned from loans facilitated prior to 2018, if ASC 606 was not adopted.

In the fourth quarter of 2018, Yirendai facilitated RMB 8,367.2 million (US$1,217.0 million) of loans to 111,274 qualified individual borrowers through its online marketplace; 31.4% of loan volume was generated by repeat borrowers who have successfully borrowed on Yirendai’s platform before; 60.8% of the borrowers were acquired from online channels; 100% of the loan volume originated from online channels was facilitated through mobile.

In the fourth quarter of 2018, Yirendai facilitated 144,965 investors with total investment amount of RMB 11,847.8 million (US$1,723.2 million), 100% of which was facilitated through its online platform and 97% of which was facilitated through its mobile application.

In the fourth quarter of 2018, total net revenue was RMB 1,270.7 million (US$184.8 million), a decrease of 30% from prior year; net income was RMB 331.4 million (US$48.2 million), a decrease of 26% from prior year and adjusted net income in the fourth quarter of 2018 was RMB 565.0 million (US$82.2 million), an increase of 26% from prior year.

For the full year of 2018, Yirendai facilitated RMB 38,606.3 million (US$5,615.1 million) of loans to 553,726 qualified individual borrowers through its online marketplace; 26.6% of loan volume were generated by repeat borrowers who have successfully borrowed on Yirendai’s platform before; 71.8% of the borrowers were acquired from online channels; 100% of the loan volume originated from online channels was facilitated through mobile.

For the full year of 2018, Yirendai facilitated 485,519 investors with total investment amount of RMB 46,863.4 million (US$6,816.0 million), 100% of which was facilitated through its online platform and 96% of which was facilitated through its mobile application.

For the full year of 2018, total net revenue was RMB 5,620.7 million (US$817.5 million), an increase of 1% from prior year; net income was RMB 966.6 million (US$140.6 million), a decrease of 30% from prior year and adjusted net income for the full year of 2018 was RMB 1,901.4 million (US$276.5 million), an increase of 39% from prior year.

“Yirendai has continued to deliver strong results,” commented Ms. Yihan Fang, Chief Executive Officer of Yirendai. “Demand for our wealth management product continues to be strong, close to half a million retail investors chose to invest in our platform this year despite volatilities in the industry and we continue to see average AUM per investor increasing. 2019 will be an important year for our online wealth management business as we strategically focus to provide more diversified products to better serve our investors.”

“We are pleased to conclude 2018 on a solid note with loan volume growing 28% from prior quarter and we are progressing smoothly with the current industry regulation evaluation process,” commented Mr. Dennis Cong, Chief Financial Officer of Yirendai. “This quarter, we continue to make progress in expanding our institutional partnerships which will help drive our business growth in 2019. Going into 2019, we will maintain focused on continual diversification in funding sources, expanding our loan product mix as well as enhancing our risk management strategies to support our credit and wealth management business growth.”

Fourth Quarter 2018 Financial Results
Total amount of loans facilitated in the fourth quarter of 2018, was RMB 8,367.2 million (US$1,217.0 million), decreased by 38% from RMB 13,438.5 million in the same period last year as we proactively controlled our business growth. As of December 31, 2018, Yirendai had facilitated approximately RMB 112.6 billion (US$16.4 billion) in loan principal since its inception.

Total net revenue in the fourth quarter of 2018 was RMB 1,270.7 million (US$184.8 million), decreased by 30% from RMB 1,824.8 million in the same period last year. The decrease of total net revenue was mainly attributable to a decline in loan origination volume.

Sales and marketing expenses in the fourth quarter of 2018 were RMB 499.4 million (US$72.6 million), compared to RMB 989.8 million in the same period last year. Sales and marketing expenses in the fourth quarter of 2018 accounted for 6.0% of amount of loans facilitated, decreased from 7.4% in the same period last year due to increased marketing efficiencies.

Origination and servicing costs in the fourth quarter of 2018 were RMB 199.6 million (US$29.0 million), compared to RMB 146.9 million in the same period last year. Origination and servicing costs in the fourth quarter of 2018 accounted for 2.4% of amount of loans facilitated, increased from 1.1% in the same period last year mainly due to increased collection efforts and a decline in loan origination volume.

General and administrative expenses in the fourth quarter of 2018 were RMB 106.7 million (US$15.5 million), compared to RMB 155.1 million in the same period last year. General and administrative expenses in the fourth quarter of 2018 accounted for 8.4% of total net revenue, compared to 8.5% in the same period last year.  

Allowance for contract assets in the fourth quarter of 2018 were RMB 173.5 million (US$25.2 million) compared to RMB 214.7 million in the third quarter of 2018. The decrease in the allowance for contract assets was mainly attributable to changes in future collectability estimates.

Income tax expense in the fourth quarter of 2018 was RMB 35.5 million (US$5.2 million).

Net income in the fourth quarter of 2018 was RMB 331.4 million (US$48.2 million), decreased by 26% from RMB 448.8 million in the same period last year. 

Adjusted net income (non-GAAP) in the fourth quarter of 2018 was RMB 565.0 million (US$82.2 million), increased by 26% from RMB 448.8 million in the same period last year. For the fourth quarter of 2018, net income would be positively impacted by RMB 233.6 million if ASC 606 were not adopted, generated from loans facilitated prior to 2018.

Adjusted EBITDA (non-GAAP) in the fourth quarter of 2018 was RMB 691.3 million (US$100.6 million), increased by 27% from RMB 542.7 million in the same period last year. Adjusted EBITDA margin1 (non-GAAP) in the fourth quarter of 2018 was 54.4%, compared to 29.7% in the same period last year. For the fourth quarter of 2018, adjusted EBITDA would include RMB 311.4 million adjustment on pre-tax income earned from loans facilitated prior to 2018, if ASC 606 were not adopted.

1 Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.

Basic income per ADS in the fourth quarter of 2018 was RMB 5.38 (US$0.78), decreased from RMB 7.40 in the same period last year.

Adjusted basic income per ADS in the fourth quarter of 2018 was RMB 9.18 (US$1.34). Adjusted basic income per ADS would include RMB 233.6 million adjustment on income earned from loans facilitated prior to 2018, if ASC 606 were not adopted.

Diluted income per ADS in the fourth quarter of 2018 was RMB 5.31 (US$0.77), decreased from RMB 7.25 in the same period last year.

Adjusted diluted income per ADS in the fourth quarter of 2018 was RMB 9.05 (US$1.32). Adjusted diluted income per ADS would include RMB 233.6 million adjustment on income earned from loans facilitated prior to 2018, if ASC 606 were not adopted.

Net cash generated from operating activities in the fourth quarter of 2018 was RMB 1,025.9 million (US$149.2 million), compared to net cash used in operating activities of RMB 138.2 million in the third quarter of 2018.

As of December 31, 2018, cash and cash equivalents was RMB 2,028.7 million (US$295.1 million), compared to RMB 806.9 million as of September 30, 2018. As of December 31, 2018, balance of held-to-maturity investments was RMB 315.6 million (US$45.9 million), compared to RMB 319.6 million as of September 30, 2018. As of December 31, 2018, balance of available-for-sale investments was RMB 832.5 million (US$121.1 million), compared to RMB 833.8 million as of September 30, 2018.

Delinquency rates. As of December 31, 2018, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.0%, 1.9% and 1.8%, compared to 1.1%, 1.8% and 1.5%, as of September 30, 2018. The increase in delinquency rates was partially due to the slower loan volume growth as well as continuous movements in the Company’s asset credit performance.

Cumulative M3+ net charge-off rates. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2015 was 10.3%, compared to 10.3% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2016 was 10.3%, compared to 9.6% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2017 was 10.9%, compared to 8.5% as of September 30, 2018. As of December 31, 2018, the cumulative M3+ net charge-off for loans originated in 2018 was 3.4%.

Other Operating Metrics and Business Results

  • As of December 31, 2018, remaining principal of performing loans totaled RMB 40.9 billion (US$5.9 billion), decreased by 4% from RMB 42.6 billion as of September 30, 2018 and increased by 1% from RMB 40.6 billion as of December 31, 2017. 

Recent Development
Mr. Yang Cao will be resigning from his position as Chief Operating Officer and Chief Technology Officer for personal reasons to spend more time with family effective from end of March 2019, and he will continue to stay on as an advisor to CreditEase.

To strengthen the company’s finance management team, Ms. Jia Liu currently VP of Finance will become Co-CFO together with Dennis Cong, Chief Financial Officer of Yirendai.

Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted net income, adjusted EBITDA, adjusted EBITDA margin, adjusted basic income per ADS and adjusted diluted income per ADS 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 RMB 6.8755 to US$1.00, the effective noon buying rate on December 31, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call
Yirendai's management will host an earnings conference call at 7:00 a.m. Eastern Time on March 25, 2019, (or 7:00 p.m. Beijing/Hong Kong Time on March 25, 2019).

Dial-in details for the earnings conference call are as follows:

International:+65 6713-5091
U.S. Toll Free:+1 866-519-4004
Hong Kong Toll Free:800-906-601
China Toll Free:400-620-8038
Conference ID:3288029

A replay of the conference call may be accessed by phone at the following numbers until March 31, 2018:

International:+61 2-8199-0299
U.S. Toll Free:+1 646-254-3697
Replay Access Code:3288029

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 Yirendai’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 Yirendai’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 Yirendai’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 Yirendai’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 Yirendai 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 Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading fintech company in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai’s online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information, please visit ir.yirendai.com.

For investor and media inquiries, please contact:
Yirendai
Hui (Matthew) Li/Lydia Yu
Investor Relations
Email: ir@yirendai.com



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 Year Ended 
 December 31,
 2017
 September 30,
2018
 December 31,
 2018
 December 31,
 2018
  December 31,
 2017
 December 31,
 2018
 December 31,
 2018
 RMB RMB RMB USD  RMB RMB USD
Net revenue:              
Loan facilitation services1,703,931  516,849  651,137  94,704   5,226,691  3,413,052  496,408 
Post-origination services62,564  79,665  95,985  13,960   187,216  290,728  42,285 
Account management services-  441,146  421,234  61,266   -  1,625,461  236,413 
Others58,295  83,514  102,311  14,881   129,443  291,487  42,395 
Total net revenue1,824,790  1,121,174  1,270,667  184,811   5,543,350  5,620,728  817,501 
Operating costs and expenses:              
Sales and marketing989,811  450,986  499,414  72,637   2,921,236  2,525,876  367,373 
Origination and servicing146,915  154,953  199,579  29,028   417,882  644,303  93,710 
General and administrative155,090  167,288  106,701  15,519   526,845  944,675  137,397 
Allowance for contract assets-  214,695  173,498  25,234   -  667,846  97,135 
Total operating costs and expenses1,291,816  987,922  979,192  142,418   3,865,963  4,782,700  695,615 
Interest income, net30,054  7,856  15,166  2,206   114,851  71,301  10,370 
Fair value adjustments related to Consolidated ABFE(16,802) 44,627  54,591  7,940   (40,124) 246,284  35,821 
Non-operating income, net(44) 41  5,685  827   876  5,279  768 
Income before provision for income taxes546,182  185,776  366,917  53,366   1,752,990  1,160,892  168,845 
Income tax expense97,370  34,163  35,492  5,162   381,207  194,287  28,258 
Net income448,812  151,613  331,425  48,204   1,371,783  966,605  140,587 
               
Weighted average number of ordinary shares outstanding, basic121,319,117  123,042,879  123,111,561  123,111,561   120,457,573  122,244,231  122,244,231 
Basic income per share3.6994  1.2322  2.6921  0.3915   11.3881  7.9072  1.1501 
Basic income per ADS7.3988  2.4644  5.3842  0.7830   22.7762  15.8144  2.3002 
               
Weighted average number of ordinary shares outstanding, diluted123,744,151  124,875,663  124,825,873  124,825,873   122,256,838  124,289,103  124,289,103 
Diluted income per share3.6269  1.2141  2.6551  0.3862   11.2205  7.7771  1.1311 
Diluted income per ADS7.2538  2.4282  5.3102  0.7724   22.4410  15.5542  2.2622 
               
Unaudited Condensed Consolidated Cash Flow Data              
Net cash generated from/(used in) operating activities1,275,309  (138,204) 1,025,896  149,211   2,716,513  (820,182) (119,291)
Net cash (used in)/ provided by investing activities(193,498) (82,268) 266,886  38,817   (374,597) (689,443) (100,275)
Net cash used in financing activities(581,752) (105,574) (72,397) (10,530)  (849,450) (25,963) (3,776)
Effect of foreign exchange rate changes9,018  15,405  (8,915) (1,297)  (16,109) 3,631  528 
Net increase/(decrease) in cash, cash equivalents and restricted cash509077  (310,641) 1,211,470  176,201   1,476,357  (1,531,957) (222,814)
Cash, cash equivalents and restricted cash, beginning of period3,153,791  1,230,082  919,441  133,727   2,186,511  3,662,868  532,742 
Cash, cash equivalents and restricted cash, end of period3,662,868  919,441  2,130,911  309,928   3,662,868  2,130,911  309,928 

 

Unaudited Consolidated Balance Sheet
 (in thousands)
 As of
 December 31, 2017 September 30, 2018 December 31, 2018 December 31, 2018
 RMB RMB RMB USD
        
Cash and cash equivalents1,857,175 806,946  2,028,748  295,069 
Restricted cash1,805,693 112,495  102,163  14,859 
Accounts receivable21,368 6,616  8,782  1,277 
Contract assets, net- 2,115,608  1,891,438  275,098 
Contract cost- 134,577  139,965  20,357 
Prepaid expenses and other assets1,068,990 1,180,650  729,296  106,073 
Loans at fair value791,681 1,335,584  1,075,097  156,366 
Amounts due from related parties117,222 121,864  121,464  17,666 
Held-to-maturity investments9,944 319,639  315,641  45,908 
Available-for-sale investments963,253 833,835  832,465  121,077 
Property, equipment and software, net82,249 96,640  89,831  13,065 
Deferred tax assets801,089 231,655  184,136  26,781 
Total assets7,518,664 7,296,109  7,519,026  1,093,596 
Accounts payable33,841 33,170  30,349  4,414 
Amounts due to related parties73,887 102,844  230,656  33,548 
Liabilities from quality assurance program and guarantee2,793,948 6,470  9,950  1,447 
Deferred revenue222,906 376,905  275,825  40,117 
Payable to third-party credit assurance program- 353,040  -  - 
Payable to investors at fair value113,445 13,944  7,693  1,119 
Accrued expenses and other liabilities1,299,307 1,074,196  1,088,372  158,296 
Refund liability- -  252,367  36,705 
Deferred tax liabilities11,277 561,370  502,903  73,144 
Total liabilities4,548,611 2,521,939  2,398,115  348,790 
Ordinary shares76 77  77  11 
Additional paid-in capital1,123,854 1,266,534  1,293,968  188,200 
Treasury stock  (254) (254) (37)
Accumulated other comprehensive income11,067 18,360  16,390  2,384 
Retained earnings1,835,056 3,489,453  3,810,730  554,248 
Total equity2,970,053 4,774,170  5,120,911  744,806 
Total liabilities and equity7,518,664 7,296,109  7,519,026  1,093,596 

 

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 Year Ended 
 December 31,
 2017
 September 30,
2018
 December 31,
 2018
 December 31,
 2018
  December 31,
 2017
 December 31,
 2018
 December 31,
 2018
 
 RMB RMB RMB USD  RMB RMB USD 
Operating Highlights               
Amount of loans facilitated13,438,520  6,546,167  8,367,171  1,216,955   41,406,058  38,606,273  5,615,050  
Loans generated from online channels7,709,403  4,147,761  4,025,837  585,534   22,543,298  22,722,351  3,304,829  
Loans generated from offline channels5,729,117  2,398,406  4,341,334  631,421   18,862,760  15,883,922  2,310,221  
Number of borrowers202,370  96,402  111,274  111,274   649,154  553,726  553,726  
Borrowers from online channels150,982  72,108  67,625  67,625   472,960  397,824  397,824  
Borrowers from offline channels51,388  24,294  43,649  43,649   176,194  155,902  155,902  
Number of investors233,374  164,218  144,965  144,965   592,642  485,519  485,519  
Investors from online channels233,374  164,218  144,965  144,965   592,642  485,519  485,519  
                
Reconciliation of Net Income               
Net income448,812  151,613  331,425  48,204   1,371,783  966,605  140,587  
Adjustments on net income generated from loans pre-2018 (before adopting ASC606)-  215,920  233,575  33,972   -  934,794  135,960  
Adjusted net income448,812  367,533  565,000  82,176   1,371,783  1,901,399  276,547  
                
Reconciliation of EBITDA               
Net income448,812  151,613  331,425  48,204   1,371,783  966,605  140,587  
Adjustments on income before income taxes, generated from loans pre-2018 (before adopting ASC606)  -     287,892    311,434    45,296     -     1,246,392    181,280  
Interest income, net(30,054) (7,856) (15,166) (2,206)  (114,851) (71,301) (10,370) 
Income tax expense97,370  34,163  35,492  5,162   381,207  194,287  28,258  
Depreciation and amortization7,738  10,944  10,871  1,581   23,729  39,434  5,736  
Share-based compensation18,838  32,537  17,286  2,514   81,980  85,188  12,390  
Adjusted EBITDA542,704  509,293  691,342  100,551   1,743,848  2,460,605  357,881  
Adjusted EBITDA margin29.7% 45.4% 54.4% 54.4%  31.5% 43.8% 43.8% 

 

Operating Highlights
(in thousands)
 As of
 December 31,
 2017
 September 30,
2018
 December 31,
 2018
 December 31,
 2018
 RMB RMB RMB USD
Operating Highlights       
Remaining principal of performing loans40,616,167 42,576,846 40,868,161 5,944,027
Remaining principal of performing loans covered by quality assurance program and guarantee39,717,029 124,811 101,363 14,743
Remaining principal of performing loans covered by third-party credit assurance program- 38,960,185 37,749,862 5,490,490

 

Delinquency Rates
 Delinquent for
 15-29 days 30-59 days 60-89 days
All Loans     
December 31, 20140.3% 0.2% 0.2%
December 31, 20150.4% 0.5% 0.4%
December 31, 20160.4% 0.7% 0.6%
December 31, 20170.8% 0.9% 0.7%
December 31, 20181.0% 1.9% 1.8%
      
Online Channels     
December 31, 20140.4% 0.3% 0.2%
December 31, 20150.6% 0.8% 0.6%
December 31, 20160.6% 1.0% 0.8%
December 31, 20171.2% 1.2% 0.9%
December 31, 20181.2% 2.4% 2.2%
      
Offline Channels     
December 31, 20140.3% 0.2% 0.2%
December 31, 20150.3% 0.4% 0.3%
December 31, 20160.4% 0.6% 0.4%
December 31, 20170.5% 0.7% 0.5%
December 31, 20180.8% 1.4% 1.3%

 

Net Charge-Off Rate for Upgraded Risk Grid
Loan issued period Customer grade Amount of loans facilitated
during the period
 Accumulated M3+ Net Charge-Off
as of December 31, 2018
 Total Net Charge-Off Rate
as of December 31, 2018
    (in RMB thousands) (in RMB thousands)  
2014 I - - - 
  II 1,921,372 82,989 4.3%
  III 303,276 18,937 6.2%
  IV - - - 
  V 3,913 518 13.2%
  Total 2,228,561 102,444 4.6%
2015 I 146,490 4,638 3.2%
  II 1,614,354 101,327 6.3%
  III 2,521,705 215,384 8.5%
  IV 2,506,107 272,121 10.9%
  V 2,768,957 391,705 14.1%
  Total 9,557,613 985,174 10.3%
2016 I 497,220 20,336 4.1%
  II 3,137,889 170,796 5.4%
  III 3,763,081 266,983 7.1%
  IV 5,183,233 468,372 9.0%
  V 7,799,180 1,171,998 15.0%
  Total 20,380,603 2,098,484 10.3%
2017 I 2,701,162 111,688 4.1%
  II 9,079,647 749,174 8.3%
  III 10,611,451 1,211,262 11.4%
  IV 10,263,135 1,285,630 12.5%
  V 8,750,663 1,166,265 13.3%
  Total 41,406,058 4,524,019 10.9%
2018 I 4,004,135 45,778 1.1%
  II 11,390,441 260,898 2.3%
  III 11,230,283 340,428 3.0%
  IV 8,174,933 385,731 4.7%
  V 3,806,481 273,467 7.2%
  Total 38,606,273 1,306,302 3.4%

 

M3+ Net Charge-Off Rate
Loan issued period Month on Book
  4 7 10 13 16 19 22 25 28 31 34 
2013Q1 1.9%3.2%3.1%2.3%2.0%0.9%0.5%0.5%0.4%0.4%0.4%
2013Q2 1.8%3.6%4.5%5.9%6.4%7.4%6.1%7.0%7.5%7.5%7.8%
2013Q3 0.5%2.8%4.2%5.5%6.1%6.5%7.1%7.1%7.0%6.9%6.9%
2013Q4 0.7%3.4%4.8%6.2%6.8%7.5%8.3%8.3%8.2%8.5%8.3%
2014Q1 1.0%4.2%6.1%7.0%8.4%9.3%9.8%9.7%9.9%9.8%9.5%
2014Q2 0.5%1.8%2.6%3.8%4.3%4.6%4.6%4.7%4.7%4.7%4.8%
2014Q3 0.2%0.8%2.0%2.8%3.3%3.7%4.0%4.2%4.2%4.1%4.1%
2014Q4 0.3%1.5%2.7%3.5%4.1%4.6%5.1%5.2%5.2%5.3%5.3%
2015Q1 0.6%2.7%4.4%5.8%7.1%8.2%9.1%9.6%9.9%10.2%10.3%
2015Q2 0.5%2.1%3.7%5.3%6.6%7.7%8.6%9.2%9.6%9.8%10.1%
2015Q3 0.2%1.6%3.4%4.9%6.4%7.4%8.1%8.6%9.1%9.5%9.8%
2015Q4 0.2%1.6%3.2%4.9%6.2%7.2%8.0%8.7%9.4%10.0%10.4%
2016Q1 0.2%1.3%2.9%4.3%5.4%6.4%7.2%8.1%8.9%9.5% 
2016Q2 0.2%1.7%3.4%4.9%6.1%7.1%8.3%9.4%10.1%  
2016Q3 0.1%1.5%3.2%4.6%6.0%7.5%9.0%9.9%   
2016Q4 0.2%1.5%3.0%4.6%6.4%8.2%9.3%    
2017Q1 0.2%1.4%3.2%5.4%7.6%9.1%     
2017Q2 0.3%2.0%4.7%7.5%9.4%      
2017Q3 0.4%3.0%6.5%9.2%       
2017Q4 0.6%4.2%7.4%        
2018Q1 0.5%3.1%         
2018Q2 0.6%