Yiren Digital Reports Third Quarter 2024 Financial Results

Core Viewpoint - Yiren Digital Ltd. reported a stable third quarter in 2024, highlighting a focus on sustainable, high-quality growth through strategic initiatives in financial services, insurance brokerage, and e-commerce sectors [2][3]. Financial Services Business - Total loans facilitated in Q3 2024 reached RMB 13.4 billion (US$1.9 billion), up 3.5$ 3.2 billion), reflecting a 4.3% increase from RMB 21.8 billion in Q2 2024 and a substantial rise from RMB 15.1 billion in Q3 2023 [3][4]. Insurance Brokerage Business - The cumulative number of insurance clients served reached 1,470,738, marking a 4.3% increase from 1,410,158 in Q2 2024 and up from 1,256,762 in Q3 2023 [3][4]. - Gross written premiums in Q3 2024 were RMB 1,351.3 million (US$192.6 million), a 27.4$ 72.3 million) in Q3 2024, down 8.5% from RMB 554.6 million in Q2 2024 and lower than RMB 563.2 million in Q3 2023 [3][4]. Financial Performance - Total net revenue for Q3 2024 was RMB 1,479.1 million (US$210.8 million), up 12.8$ 119.2 million), a 25.2% increase from RMB 668.0 million in Q3 2023 [3][4]. - Net income for Q3 2024 was RMB 355.4 million (US$50.7 million), down from RMB 554.4 million in Q3 2023, primarily due to increased provisions related to loan volume [3][4]. Cash Flow and Investments - Net cash generated from operating activities in Q3 2024 was RMB 50.4 million (US$ 7.2 million), a significant decrease from RMB 645.4 million in Q3 2023 [4]. - Cash and cash equivalents as of September 30, 2024, were RMB 3,705.9 million (US$ 528.1 million), down from RMB 5,496.9 million as of June 30, 2024, due to long-term investments [4][5]. Business Outlook - The company projects total revenue for Q4 2024 to be between RMB 1.3 billion and RMB 1.5 billion, with a healthy net profit margin anticipated [5].