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Pintec Technology Holdings (NASDAQ:PT), a financial technology company that provides insurance products, business instalment loans and personal instalment loans to customers, announced unaudited fourth quarter and year-end results. Total revenues grew 85.1 percent to $153.2 million from 2017, with net income figures standing at $1.1 million. As quoted in the press release: Mr. Wei Wei, …
Pintec Technology Holdings (NASDAQ:PT), a financial technology company that provides insurance products, business instalment loans and personal instalment loans to customers, announced unaudited fourth quarter and year-end results. Total revenues grew 85.1 percent to $153.2 million from 2017, with net income figures standing at $1.1 million.
As quoted in the press release:
Mr. Wei Wei, Chief Executive Officer of PINTEC, commented, “During the fourth quarter of 2018, we continued to expand our technical services, provide a full suite of value-added solutions to our customers, solidify our market position as a partner of choice for financial institutions in China, and actively explore new opportunities internationally. Going forward, we plan to further enhance our technical services, provide installment solutions to more business partners, advance our robo-advisory and insurance product offerings, and invest in our international expansion. We are confident that our transformation to becoming a technology service provider will help generate sustainable and profitable growth for the long run.”
Mr. Steven Sim, Chief Financial Officer of PINTEC, stated, “We kept our total revenues steady while improving our products level margin and profitability on a non-GAAP adjust net income basis during the fourth quarter and full year of 2018. As we transition our business focus towards providing technology services away from on-book installment loan services, our balance sheet has strengthened and our credit risks have reduced. Our total balances of financing receivables as well as funding debts declined substantially on a year-over-year basis, while our loan quality remained high and our need for provision for credit loss reduced. More importantly, our revenues from technical service fees increased, thus offsetting the revenue decline in our installment service fees in this quarter. As we leverage our improved economies of scale and shift our business mix towards higher-margin personal and business installment loan solutions, our non-GAAP net income increased, improving our profitability. Going forward, we plan to continue our business transformation, strengthen our balance sheet further, and improve our long-term profitability.”