9F Inc (NASDAQ:AFU) Friday reported Q2 adjusted net income of RMB205.8 million (US$30.0 million), versus RMB1,411.3 million in the year-ago period of 2018. Its net revenue fell 58.0% to RMB1,046.5 million ($152.4 million U.S.) versus RMB2,491.3 million.
The Beijing-based company also reported that loan origination volume was RMB9.8 billion in the second quarter of 2019, representing a decrease of 40.8% from RMB16.5 billion in the second quarter of 2018. Loans funded by institutional funding partners2 accounted for 58.0% of total loan origination volume in the second quarter of 2019.
Its number of registered users was 82.8 million as of June 30, 2019, representing an increase of 31.9% from 62.7 million as of June 30, 2018.
Active borrowers totaled 0.6 million in the second quarter of 2019, representing a decrease of 38.2% from 1.0 million in the second quarter of 2018.
Outstanding loan balance was RMB59.2 billion as of June 30, 2019, representing an increase of 9.1% from RMB54.3 billion as of June 30, 2018.
According to CEO Lei Sun, "We are pleased to announce our first earnings as a public company. An uncertain regulatory environment continued to hang over the industry throughout the quarter.
"One of the key initiatives we unveiled earlier this year to ensure long-term sustainable growth was our Tech Enablement Strategy, which saw us evolve our business by becoming a provider of advanced technologies for marketing, credit decision, pricing, and anti-fraud to financial institution and merchant partners through our one-stop digital financial account platform."
Shares retreated 22 cents, or 2%, to $10.72
Tech Insider
