Qudian Inc. (NYSE: QD) came out Friday with quarterly numbers.
The Beijing-based provider of online small consumer credit products in China, today announced total outstanding loan balance as of June 30, 2018 increased by 40.3% to RMB15.0 billion from the year before.
Total number of registered users increased by 41.7% to 67.9 million. Number of active borrowers was four million during the second quarter of 2018, compared with 5.6 million during the second quarter of 2017 as a result of tightened credit policies.
Total revenues increased by 124.7% year-on-year to RMB2,243.7 million ($339.1 million U.S.) Net income increased by 42.4% year-on-year to RMB724.2 million ($109.4 million U.S.), or RMB2.19 ($0.33 U.S.) per diluted ADS
According to CEO Min Luo, "We are very pleased to deliver a record net income in the second quarter. Our registered users continued to increase; and our total loan balance also continued to grow while seeing marked improvement in risk metrics. Our swift adjustments on tightening credit policies and improving product structures initiated from the first quarter worked well into the second quarter.”
The Company uses big data-enabled technologies, such as artificial intelligence and machine learning, to transform the consumer finance experience in China.
With the mission to use technology to make personalized credit accessible, Qudian targets hundreds of millions of young, mobile-active consumers in China who need access to small credit for their discretionary spending or budget auto financing solutions but are underserved by traditional financial institutions due to lack of traditional credit data.
Shares dropped 30 cents, or 4.4%, to $6.56.
