On November 21st, US listed financial technology company Xinye Technology (NYSE: FINV) released its unaudited financial performance report for the third quarter of 2023.
According to the financial report, Xinye Technology's operating revenue in the third quarter was 3.1975 billion yuan, a year-on-year increase of 7.6%; The net profit was 574.7 million yuan, a year-on-year decrease of 5.1%; The net profit attributable to the common shareholders of the company was 566 million yuan, a year-on-year decrease of 5.52%.
In the first three quarters, Xinye Technology's operating revenue was 9.324 billion yuan, a year-on-year increase of 15.33%; The net profit attributable to the common shareholders of the company was 1.816 billion yuan, a year-on-year increase of 5.91%.
In the third quarter, the loan amount reached 51.3 billion yuan, a year-on-year increase of 12.7%
In the third quarter, in both domestic and international markets, Xinye Technology contributed to a loan amount of 51.3 billion yuan, a year-on-year increase of 12.7%; The loan balance reached 65.9 billion yuan, a year-on-year increase of 9.3%.
In the domestic market, Xinye Technology contributed to a loan amount of 49.1 billion yuan in the third quarter, a year-on-year increase of 10.6%; As of the end of the third quarter, the balance of loans in the domestic market was 64.6 billion yuan, an increase of 8.4% year-on-year; The loan amount facilitated for duplicate borrowers was 42.4 billion yuan, a year-on-year increase of 9.0%. At the end of the third quarter, the overdue rate of Xinye Technology for more than 90 days was 1.67%, compared to 1.44% in the same period last year.
In the international market, Xinye Technology contributed to a loan amount of 2.21 billion yuan in the third quarter, a year-on-year increase of 99.1%; As of the end of the third quarter, the balance of loans in the international market was 1.29 billion yuan, an increase of 101.6% compared to the same period in 2022.
Contributed to a year-on-year decrease of 3.3% in loan service revenue and a year-on-year increase of 1.3% in post loan service revenue
From the perspective of income structure, the operating revenue reported by Xinye Technology in the third quarter is mainly divided into five parts, namely loan facilitation service fees, post facilitation service fees, guarantee income, net interest income, and other income.
In the third quarter, Xinye Technology's operating revenue was 3.1975 billion yuan, a year-on-year increase of 7.6%, mainly due to the increase in post loan service revenue and guarantee revenue.
Among them, the revenue from loan services was 1129.8 million yuan, a year-on-year decrease of 3.3%, mainly due to a decrease in service fees, partially offset by an increase in transaction volume.
The post loan service revenue was 498.9 million yuan, a year-on-year increase of 1.3%, mainly due to the increase in outstanding loans served by the company and the rolling impact of deferred transaction costs.
The guarantee income was 1.152 billion yuan, a year-on-year increase of 40.1%, mainly due to the increase in the balance of outstanding loans off the balance sheet and the rolling impact of deferred guarantee income.
Net interest income was 273.3 million yuan, a year-on-year decrease of 17.1%, mainly due to a decrease in transaction volume of consolidated trust accounts.
Other income was 143.5 million yuan, a year-on-year decrease of 9.6%, mainly due to the disposal of a pilot business.
Xinye Technology, formerly known as Paipai Dai, was established in June 2007 with its headquarters located in Shanghai. On November 10, 2017, Paipai Dai was successfully listed on the New York Stock Exchange in the United States. On November 19, 2019, Paipai Leng was renamed as "FinVolution Group". At the end of 2019, Xinye Technology completed the strategic transformation of providing all platform funding through institutional funding.