PR Newswire | Nov 24, 2021 04:59AM EST

11/24 03:58 CST

Yiren Digital Reports Third Quarter 2021 Financial Results BEIJING, Nov. 24, 2021

BEIJING, Nov. 24, 2021 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading digital personal financial management platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2021.

Third Quarter 2021 Operational Highlights

Wealth Management

* Cumulative number of investors served reached 2,612,279 as of September 30, 2021, representing an increase of 2.9% from 2,538,656 as of June 30, 2021 and compared to 2,283,828 as of September 30, 2020. * Number of active investors[1] was 427,873 as of September 30, 2021, representing an increase of 11.0% from 385,536 as of June 30, 2021, and compared to 170, 907 as of September 30, 2020. * Total client assets[2] was RMB17,415.3 million (US$2,702.8 million) as of September 30, 2021, representing an increase of 18.8% from RMB14,660.4 million as of June 30, 2021, and compared to RMB4,994.6 million as of September 30, 2020. * Sales volume of investment products amounted to RMB5,030.2 million (US$780.7 million) in the third quarter of 2021, representing a decrease of 5.9% from RMB5,343.6 million in the second quarter of 2021 and compared to RMB4,593.3 million in the same period of 2020.

Consumer Credit

* Total loans facilitated under loan facilitation model in the third quarter of 2021 reached RMB6.8 billion (US$1.1 billion), representing an increase of 30.3% from RMB5.3 billion in the second quarter of 2021 and compared to RMB3.1 billion in the third quarter of 2020. * Cumulative number of borrowers served reached 5,840,424 as of September 30, 2021, representing an increase of 5.1% from 5,558,085 as of June 30, 2021 and compared to 5,060,824 as of September 30, 2020. * Number of borrowers served in the third quarter of 2021 was 548,495 representing an increase of 26.3% from 434,153 in the second quarter of 2021 and compared to 143,238 in the third quarter of 2020. * Outstanding balance of performing loans facilitated under loan facilitation model reached RMB13,793.9 million (US$2,140.8 million) as of September 30, 2021, representing an increase of 10.0% from RMB12,543.7 million as of June 30, 2021 and compared to RMB6,250.3 million as of September 30, 2020.

"We are delighted to announce a solid quarter with visible increase in profitability and a healthy growth in business scale amid a muted macro environment," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "And as our business structures continue to integrate and expand, we are seeing growing interactions and synergies between each business line, reinforcing our strategic positioning as a user-centric leading digital personal financial management platform."

"For wealth management, we are pleased to see continued growth in both new investor base and average client asset per investor. As of September 30, 2021, our total client assets exceeded RMB17.4 billion, representing a 19% growth from last quarter and approximately 250% increase from the prior year. On Yiren Wealth's platform, the number of new investors grew 93% quarter-over-quarter and excluding insurance products, the number of investors with client asset over RMB500,000 grew almost three times compared with the prior year, a vivid reflection of our enhanced capabilities to serve a higher segment of our investor spectrum. Moreover, Hexiang insurance contributed RMB735 million in total premium this quarter, up 29% compared with last quarter."

"For our credit business, the total loan facilitation volume maintained a strong growth trajectory reaching RMB6.8 billion for the quarter, representing an increase of 30% quarter over quarter. Driven by our enhanced digital operating capabilities and improved servicing standards, our Yi Xiang Hua APP, the credit-tech platform offering unsecured revolving loans, saw its MAU jumping 82% quarter over quarter to 1.1million users. Meanwhile, our SME loans, which we started to focus on in the second half of this year, increased by 431% from the last quarter and accounted 25% of our total loan volume in the third quarter."

"In the third quarter, we are pleased to see strong growth across revenue, profit and transaction volume. Total revenue in the third quarter stood at RMB1.2 billion, increasing 20% year over year, with wealth management business becoming an increasingly important growth driver and contributing close to 30% of total revenue. Meanwhile, net income grew three times year on year to over RMB0.3 billion, reflecting a net income margin of 26%, driven by our continued efforts in cost control and increasing operating efficiencies, "said Ms. Na Mei, Chief Financial Officer of Yiren Digital. "Turning to our balance sheet, we ended the quarter with RMB2.3 billion in cash and cash equivalents, representing 6% increase from the prior quarter, leaving us with sufficient resilience to seize any new opportunities."

Third Quarter 2021 Financial Results

Total net revenuein the third quarter of 2021 was RMB1,232.0 million (US$191.2 million), compared to RMB1,022.8 million in the same period last year. Revenue from wealth management business reached RMB337.6 million (US$52.4 million), representing an increase of 20.1% from RMB281.1 million in the third quarter of 2020, as we continue to drive up our wealth management business. Revenue from credit business reached RMB894.4 million (US$138.8 million), representing an increase of 20.6% from RMB741.7 million in the third quarter of 2020, primarily driven by an increase in loan volume.

Sales and marketing expenses in the third quarter of 2021 were RMB407.2 million (US$63.2 million), compared to RMB485.1 million in the same period last year. The decrease was primarily due to internal restructuring to optimize operating efficiencies.

Origination, servicing and other operating costs in the third quarter of 2021 were RMB186.9 million (US$29.0 million), compared to RMB239.7 million in the same period last year. The decrease was due to the improved collection efficiency.

General and administrative expenses in the third quarter of 2021 were RMB139.3 million (US$21.6 million), compared to RMB159.7 million in the same period last year. The decrease was due to enhancement of operational efficiency.

Allowance for contract assets, receivables and othersin the third quarter of 2021 was RMB83.6 million (US$13.0 million), compared to RMB25.0million in the same period last year. The increase was primarily driven by the one-time write back to credit impairment in the same period last year due to the better-than-expected credit performance post the pandemic. Excluding the one-time write back impact, allowance for contract assets remained stable compared to the same period last year.

Income tax expensein the third quarter of 2021 was RMB75.9million (US$11.8 million).

Net income in the third quarter of 2021 was RMB320.9 million (US$49.8million), compared to net income of RMB79.8 million in the same period last year.

Adjusted EBITDA[3] (non-GAAP) in the third quarter of 2021 was RMB438.6 million (US$68.1 million), compared to RMB117.5 million in the same period last year.

Basic income per ADS in the third quarter of 2021 was RMB3.8(US$0.6), compared to a basic income per ADS of RMB0.9 in the same period last year.

Diluted income per ADS in the third quarter of 2021 was RMB3.7(US$0.6), compared to a diluted income per ADS of RMB0.9 in the same period last year.

Net cash generated from operating activitiesin the third quarter of 2021 was RMB323.8 million (US$50.3 million), compared to RMB3.1 million in the same period last year.

Net cash used in investing activities in the third quarter of 2021 was RMB233.8 million (US$36.3 million), compared to RMB99.5 million in the same period last year.

As of September 30, 2021, cash and cash equivalents was RMB2,328.4 million (US$361.4 million), compared to RMB2,192.5 million as of June 30, 2021. As of September 30, 2021, the balance of held-to-maturity investments was RMB2.2 million (US$0.3 million), compared to RMB2.2 million as of June 30, 2021. As of September 30, 2021, the balance of available-for-sale investments was RMB277.9 million (US$43.1 million), compared to RMB224.3 million as of June 30, 2021.

Delinquency rates. As of September 30, 2021, the delinquency rates for loans facilitated that are past due for 15-29 days, 30-59 days and 60-89 days were 0.7%, 0.9% and 0.8% respectively, compared to 0.5%, 0.8% and 0.7% respectively as of June 30, 2021.

Cumulative M3+ net charge-off rates. As of September 30, 2021, the cumulative M3+ net charge-off rate for loans facilitated in 2018, 2019 and 2020 was 9.9%, 11.0% and 4.8% respectively, as compared to 9.9%, 10.5% and 3.7% respectively as of June 30, 2021.

^[1] Active investors refer to those who have made at least one investmentthrough our wealth management platform or have had client assets with us abovezero in the past twelve months.

^[2] Client assets refer to the outstanding balance of client assets generatedthrough our platforms, where an asset is counted towards the outstandingbalance for so long as it continues to be held by the investor who acquired itthrough our platform.

^[3] "Adjusted EBITDA" is a non-GAAP financial measure. For more informationon this non-GAAP financial measure, please see the section of "OperatingHighlights and Reconciliations of GAAP to Non-GAAP Measures" and the tablecaptioned "Reconciliations of Adjusted EBITDA" set forth at the end of thispress release.

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.

Board Composition Change

Mr. Dennis Cong has resigned from the board of directors of the Company, having fulfilled his term as a board member since November 2020, effective from November 24, 2021.

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 RMB6.4434 to US$1.00, the effective noon buying rate on September 30, 2021, 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 7:00 a.m. U.S. Eastern Time on November 24, 2021 (or 8:00 p.m.Beijing/Hong Kong Time on November 24, 2021).

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

http://apac.directeventreg.com/registration/event/8382762

Please note the Conference ID number of 8382762.

Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.

Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.

A replay of the conference call may be accessed by phone at the following numbers until December 2, 2021:

International +61 2-8199-0299

U.S. +1 646-254-3697

Replay Access Code: 8382762

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 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 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 a leading digital personal financial management platform in China. The Company provides customized asset allocation services and wealth management solutions to China's mass affluent population as well as utilizes online and offline channels to provide retail credit facilitation services to individual borrowers and small business owners.

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, June 30, September 30, September 30, September 30, September 30, September 30, 2020 2021 2021 2021 2020 2021 2021

RMB RMB RMB USD RMB RMB USD

Net revenue:

Loan facilitation services 406,413 551,373 601,283 93,318 936,038 1,694,788 263,027

Post-origination services 195,570 40,584 39,024 6,056 468,567 124,394 19,306

Account management services 157,327 - - - 871,213 - -

Insurance brokerage services 102,495 151,801 199,406 30,947 122,040 510,911 79,292

Financing services 3,075 125,267 144,614 22,444 5,310 384,813 59,722

Others 157,882 256,010 247,664 38,437 397,943 742,083 115,169

Total net revenue 1,022,762 1,125,035 1,231,991 191,202 2,801,111 3,456,989 536,516

Operating costs and expenses:

Sales and marketing 485,055 436,882 407,172 63,192 1,609,962 1,249,230 193,877

Origination,servicing and other 239,655 182,667 186,915 29,009 507,756 544,107 84,444operating costs

General and administrative 159,670 127,690 139,321 21,622 481,279 386,876 60,042

Allowance for contract assets, 25,016 93,433 83,578 12,971 337,109 318,243 49,391receivables and others

Total operating costs and expenses 909,396 840,672 816,986 126,794 2,936,106 2,498,456 387,754

Other income/(expenses):

Interest income/(expense), net 11,003 (22,782) (21,565) (3,347) 53,069 (55,327) (8,587)

Fair value adjustments related to (30,905) (20,916) (526) (82) (89,882) (49,162) (7,630)Consolidated ABFE

Others, net 2,726 14,674 3,934 611 11,400 23,730 3,683

Total other expenses (17,176) (29,024) (18,157) (2,818) (25,413) (80,759) (12,534)

Income/(loss) before provision for income 96,190 255,339 396,848 61,590 (160,408) 877,774 136,228taxes

Income tax expense/(benefit) 16,353 55,259 75,923 11,783 (27,269) 175,555 27,245

Net income/(loss) 79,837 200,080 320,925 49,807 (133,139) 702,219 108,983

Weighted average number of ordinary 182,144,192 167,974,463 170,193,542 170,193,542 184,444,536 168,719,693 168,719,693shares outstanding, basic

Basic income/(loss) per share 0.4383 1.1911 1.8856 0.2926 (0.7218) 4.1620 0.6459

Basic income/(loss) per ADS 0.8766 2.3822 3.7712 0.5852 (1.4436) 8.3240 1.2918

Weighted average number of ordinary 182,730,892 169,173,603 171,571,392 171,571,392 184,444,536 169,972,343 169,972,343shares outstanding, diluted

Diluted income/(loss) per share 0.4369 1.1827 1.8705 0.2903 (0.7218) 4.1314 0.6412

Diluted income/(loss) per ADS 0.8738 2.3654 3.7410 0.5806 (1.4436) 8.2628 1.2824

Unaudited Condensed Consolidated CashFlow Data

Net cash generated/(used in) from 3,098 (212,993) 323,819 50,259 501,097 (31,185) (4,840)operating activities

Net cash used in investing activities (99,460) (208,539) (233,782) (36,283) (815,567) (728,377) (113,042)

Net cash provided by financing activities 81,693 144,107 49,770 7,723 55,961 473,277 73,451

Effect of foreign exchange rate changes (3,389) (278) (257) (41) (2,269) (653) (101)

Net (decrease)/increase in cash, cash (18,058) (277,703) 139,550 21,658 (260,778) (286,938) (44,532)equivalents and restricted cash

Cash, cash equivalents and restricted 3,026,422 2,558,363 2,280,660 353,953 3,269,142 2,707,148 420,143cash, beginning of period

Cash, cash equivalents and restricted 3,008,364 2,280,660 2,420,210 375,611 3,008,364 2,420,210 375,611cash, end of period

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

As of

December 31, June 30, September 30, September 30, 2020 2021 2021 2021

RMB RMB RMB USD

Cash and cash equivalents 2,469,909 2,192,500 2,328,380 361,359

Restricted cash 237,239 88,160 91,830 14,252

Accounts receivable 122,742 228,554 258,729 40,154

Contract assets, net 750,174 1,063,470 1,191,497 184,917

Contract cost 65,529 44,684 34,707 5,386

Prepaid expenses and other assets 278,591 213,942 358,052 55,569

Loans at fair value 192,156 112,931 82,474 12,800

Financing receivables 1,253,494 1,738,742 1,969,456 305,656

Amounts due from related parties 884,006 1,064,703 768,646 119,292

Held-to-maturity investments 3,286 2,233 2,200 341

Available-for-sale investments 175,515 224,336 277,934 43,135

Property, equipment and software, net 147,193 123,491 115,326 17,898

Deferred tax assets 16,745 8,629 6,285 975

Right-of-use assets 105,674 93,783 70,897 11,003

Total assets 6,702,253 7,200,158 7,556,413 1,172,737

Accounts payable 9,903 64,469 36,799 5,711

Amounts due to related parties 970,309 498,053 474,925 73,707

Deferred revenue 50,899 21,137 11,862 1,841

Payable to investors at fair value 52,623 51,289 50,814 7,886

Accrued expenses and other liabilities 1,208,915 1,238,591 1,245,263 193,262

Secured borrowings 500,500 968,600 1,038,600 161,188

Refund liability 10,845 6,412 5,927 920

Deferred tax liabilities 38,741 118,654 147,575 22,903

Lease liabilities 81,854 70,114 53,194 8,256

Total liabilities 2,924,589 3,037,319 3,064,959 475,674

Ordinary shares 121 122 123 19

Additional paid-in capital 5,058,176 5,065,177 5,096,994 791,041

Treasury stock (40,147) (40,147) (42,502) (6,596)

Accumulated other comprehensive 17,108 16,139 14,442 2,241income

Accumulated deficit (1,257,594) (878,452) (577,603) (89,642)

Total equity 3,777,664 4,162,839 4,491,454 697,063

Total liabilities and equity 6,702,253 7,200,158 7,556,413 1,172,737

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of borrowers, number of investors andpercentages)

For the Three Months Ended For the Nine Months Ended

September 30, June 30, September 30, September 30, September 30, September 30, September 30, 2020 2021 2021 2021 2020 2021 2021

RMB RMB RMB USD RMB RMB USD

Operating Highlights

Amount of investment in current investment 4,593,256 5,343,601 5,030,228 780,679 8,942,780 16,196,885 2,513,717products

Number of investors in current investment 76,707 120,091 127,378 127,378 90,888 299,186 299,186products

Amount of loans facilitated under loan 3,148,367 5,252,859 6,841,921 1,061,849 5,412,281 17,025,066 2,642,249facilitation model

Number of borrowers 143,238 434,153 548,495 548,495 360,170 967,057 967,057

Remaining principal of performing loans 6,250,343 12,543,745 13,793,925 2,140,784 6,250,343 13,793,925 2,140,784facilitated under loan facilitation model

Segment Information

Wealth management:

Revenue 281,050 286,839 337,627 52,399 1,019,307 888,209 137,848

Sales and marketing expenses 43,879 29,044 55,463 8,608 156,659 123,494 19,166

Origination,servicing and other operating 105,522 150,505 159,348 24,731 176,015 442,363 68,654costs

Consumer credit:

Revenue 741,712 838,196 894,364 138,803 1,781,804 2,568,780 398,668

Sales and marketing expenses 441,176 407,838 351,709 54,584 1,453,303 1,125,736 174,711

Origination,servicing and other operating 134,134 32,162 27,567 4,278 331,741 101,744 15,790costs

Reconciliation of Adjusted EBITDA

Net income/(loss) 79,837 200,080 320,925 49,807 (133,139) 702,219 108,983

Interest (income)/expense, net (11,003) 22,782 21,565 3,347 (53,069) 55,327 8,587

Income tax expense/(benefit) 16,353 55,259 75,923 11,783 (27,269) 175,555 27,245

Depreciation and amortization 23,404 12,170 8,449 1,311 74,943 35,770 5,551

Share-based compensation 8,952 5,090 11,742 1,822 16,447 16,592 2,575

Adjusted EBITDA 117,543 295,381 438,604 68,070 (122,087) 985,463 152,941

Adjusted EBITDA margin 11.5% 26.3% 35.6% 35.6% -4.4% 28.5% 28.5%

Delinquency Rates (Loan Facilitation Model)

15-29 days 30-59 days 60-89 days

All Loans

December 31, 2015 1.3% 1.9% 1.5%

December 31, 2016 0.6% 0.8% 0.7%

December 31, 2017 0.5% 0.8% 0.6%

December 31, 2018 1.0% 1.8% 1.7%

December 31, 2019 0.8% 1.3% 1.0%

December 31, 2020 0.5% 0.7% 0.6%

March 31, 2021 0.5% 0.8% 0.6%

June 30, 2021 0.5% 0.8% 0.7%

September 30, 2021 0.7% 0.9% 0.8%

Online Channels

December 31, 2015 0.4% 0.7% 0.5%

December 31, 2016 0.8% 1.1% 1.7%

December 31, 2017 0.3% 0.2% 0.0%

December 31, 2018 0.9% 1.7% 1.5%

December 31, 2019 1.0% 2.1% 1.6%

December 31, 2020 0.6% 1.0% 1.1%

March 31, 2021 0.5% 0.9% 0.7%

June 30, 2021 0.7% 0.9% 0.8%

September 30, 2021 0.8% 1.1% 0.9%

Offline Channels

December 31, 2015 1.3% 2.0% 1.6%

December 31, 2016 0.6% 0.8% 0.7%

December 31, 2017 0.5% 0.9% 0.7%

December 31, 2018 1.1% 1.9% 1.8%

December 31, 2019 0.7% 0.9% 0.7%

December 31, 2020 0.4% 0.6% 0.4%

March 31, 2021 0.4% 0.7% 0.6%

June 30, 2021 0.4% 0.7% 0.6%

September 30, 2021 0.6% 0.8% 0.7%

Net Charge-Off Rate (Loan Facilitation Model)

Loan Amount of Loans Accumulated M3+ Net Total Net Charge-OffIssued Facilitated Charge-Off RatePeriod During the Period as of September 30, 2021 as of September 30, 2021

(in RMB thousands) (in RMB thousands)

2015 4,530,824 249,527 5.5%

2016 3,749,815 318,255 8.5%

2017 5,043,494 525,863 10.4%

2018 4,211,573 415,810 9.9%

2019 3,431,443 375,802 11.0%

2020 9,614,819 465,215 4.8%

2021H1 10,183,146 136,363 1.3%

M3+ Net Charge-Off Rate (Loan Facilitation Model)

LoanIssued Month on BookPeriod

4 7 10 13 16 19 22 25 28 31 34

2015Q1 1.0% 1.9% 2.8% 3.7% 4.3% 4.8% 5.1% 5.3% 5.3% 5.3% 5.2%

2015Q2 1.1% 2.8% 4.2% 5.3% 6.2% 6.7% 7.0% 7.0% 6.9% 6.8% 6.8%

2015Q3 0.6% 2.2% 3.8% 5.0% 5.9% 6.5% 6.7% 6.8% 6.7% 6.7% 6.7%

2015Q4 1.0% 1.5% 2.2% 2.8% 3.1% 3.4% 3.7% 4.0% 4.2% 4.4% 4.4%

2016Q1 0.6% 0.9% 1.3% 1.7% 2.0% 2.2% 2.4% 2.7% 2.9% 3.0% 3.2%

2016Q2 0.6% 1.4% 2.3% 3.0% 3.6% 4.2% 4.8% 5.4% 5.8% 6.0% 6.2%

2016Q3 0.4% 1.7% 2.7% 4.1% 5.3% 6.5% 7.7% 8.6% 9.3% 9.3% 9.5%

2016Q4 0.3% 2.1% 3.8% 5.4% 7.2% 9.2% 10.4% 11.5% 12.4% 12.9% 13.3%

2017Q1 0.3% 1.6% 3.4% 5.3% 7.5% 8.9% 10.0% 10.9% 11.6% 12.1% 12.3%

2017Q2 4.1% 5.8% 7.9% 9.6% 11.3% 12.5% 13.2% 13.9% 14.6% 14.9% 15.1%

2017Q3 0.3% 1.6% 3.5% 4.9% 6.5% 7.6% 8.4% 8.9% 9.4% 9.9% 10.1%

2017Q4 0.2% 2.3% 5.1% 6.5% 7.9% 9.0% 9.7% 10.2% 10.7% 11.2% 10.6%

2018Q1 0.2% 2.9% 5.1% 6.8% 7.2% 7.9% 8.4% 8.7% 9.0% 8.6% 8.1%

2018Q2 0.7% 4.1% 7.1% 9.4% 11.2% 12.4% 13.4% 14.1% 14.3% 14.1% 14.1%

2018Q3 0.2% 2.8% 3.6% 4.5% 5.2% 6.4% 7.0% 7.0% 6.9% 7.0% 6.9%

2018Q4 0.6% 2.2% 3.4% 5.2% 6.9% 9.0% 9.7% 9.9% 9.6% 9.7%

2019Q1 0.0% 0.8% 2.0% 3.4% 5.3% 5.9% 6.3% 6.3% 6.3%

2019Q2 0.1% 1.5% 4.5% 7.5% 8.8% 9.2% 9.9% 10.3%

2019Q3 0.2% 2.9% 6.8% 9.0% 10.4% 12.0% 13.2%

2019Q4 0.4% 3.1% 4.9% 6.3% 7.2% 7.9%

2020Q1 0.6% 2.3% 4.1% 5.2% 6.0%

2020Q2 0.5% 2.5% 4.2% 5.3%

2020Q3 1.1% 3.3% 5.1%

2020Q4 0.3% 1.8%

2021Q1 0.4%

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SOURCE Yiren Digital