Yirendai Reports First Quarter Financial Results

Yirendai (NYSE:YRD), fintech company based in China announced that it has released its unaudited first quarter financial results. The company posted net revenues of US$295.1 million, a significant drop from its revenues during the same time last year. During the first quarter, Yirendai also combined business with CreditEase, to form one of the largest creditech companies in the country.

As quoted in the press release:

Upon the consummation of the business realignment with CreditEase, the Company will be operating under a new brand of Yiren Digital and will have two main business––Yiren Credit and Yiren Wealth. In addition, the Company’s interim financial statements and operating data for the quarter ended March 31, 2019 reflect the businesses Yirendai assumed from CreditEase. Prior period financials have also been recasted to reflect the acquisition under common control. The valuation of the contingent consideration is preliminary and is subject to change.

First Quarter 2019 Operational Highlights
Wealth Management—Yiren Wealth

• Cumulative number of investors served reached 2,159,490 as of March 31, 2019, representing an increase of 16% from 1,865,675 March 31, 2018.

• Number of active investors in the first quarter of 2019 was 768,514, representing a decrease of 17% from 931,346 in the first quarter of 2018.

Click here to read the full press release.