Yirendai Reports Second Quarter 2018 Financial Results

BEIJING,Aug. 29,2018 --Yirendai Ltd. (NYSE: YRD) ("Yirendai" or the "Company"),a leading fintech company in China,today announced its unaudited financial results for the quarter ended June 30,2018.

For the Three Months Ended

in RMB million

30-Jun-18

30-Jun-17

YoY Change

Amount of Loans Facilitated

11,736.2

8,536.1

38%

Total Net Revenue

1,519.6

1,183.1

28%

Net Income

204.7

269.1

-24%

Adjusted EBITDA (non-GAAP)*

563.7

378.4

49%

Adjusted Net Income (non-GAAP)*

440.5

269.1

64%

* For the second quarter of 2018,adjusted EBITDA and adjusted net income includes RMB 235.9 million adjustment on income earned from loans facilitated prior to 2018,if ASC 606 was not adopted.

In the second quarter of 2018,Yirendai facilitated RMB 11,736.2 million (US$1,773.6 million) of loans to 177,754 qualified individual borrowers through its online marketplace,representing a year-over-year growth of 38%; 23.4% of loan volume were generated by repeat borrowers who have successfully borrowed on Yirendai's platform before; 76.3% of the borrowers were acquired from online channels; 100% of the loan volume originated from online channels was facilitated through mobile.

In the second quarter of 2018,Yirendai facilitated 202,380 investors with total investment amount of RMB 12,175.4 million (US$1,840.0 million),100% of which was facilitated through its online platform and 96% of which was facilitated through its mobile application.

In the second quarter of 2018,total net revenue was RMB 1,519.6 million (US$229.6 million),an increase of 28% from prior year; net income was RMB 204.7 million (US$30.9 million),a decrease of 24% from prior year; and adjusted net income in the second quarter of 2018 was RMB 440.5 million (US$66.6 million),an increase of 64% from prior year.

"Our operating results in the second quarter continued to be solid with loan origination volume increased by 38% from the previous quarter," commented Ms. Yihan Fang,Chief Executive Officer of Yirendai. "We have also continued to make progress in growing our online wealth management business – Yiren Wealth. Furthermore,we have seen continued efforts from the government to promote the healthy development of our industry. We will continue to execute our strategies to build Yirendai into the exceedingly compliant online platform in China to offer the safe and professional financial products and services to consumers."

"We are pleased to report another solid quarter despite a challenging market environment with business uncertainties," commented Mr. Dennis Cong,Chief Financial Officer of Yirendai. "Funding remains the key for our growth and we are proud to announce our new partnership with Xinwang Bank to further diversify and optimize our funding structure. As a top industry player with strong risk management capabilities,we believe that we are well-positioned for the upcoming P2P registration process as well as capturing the long-term growth potential thereafter."

AccountingPolicyChange

The Company previously identified the investor as the only customer under ASC 606. Subsequent to the earning release for the quarter ended March 31,2018,the Company has revised the accounting policy to recognize both the investor and borrower as customers. Accordingly,borrower's credit risk is no longer treated as variable consideration,but reflected as a provision of contract assets. The comparable unaudited consolidated financial information for the first quarter of 2018 was adjusted for such change,resulting in the recognition of provision of contract assets of RMB116.6million,and the net revenue has been grossed up by the same amount. In addition,the Company has revised to recognize service fees charged from investor over the term of theinvestment period. The net impact of such changes to the net income of the quarter endedMarch 31,2018 was not material.

Second Quarter 2018 Financial Results

Total amount of loans facilitatedin the second quarter of 2018,was RMB 11,773.6 million),increased by 38% from RMB 8,536.1 million in the same period last year,reflecting strong demand for our products and services,especially from customers acquired from online channels. As of June 30,Yirendai had facilitated approximately RMB 97.6 billion (US$14.8 billion) in loan principal since its inception.

Total net revenuein the second quarter of 2018 was RMB 1,increased by 28% from RMB 1,183.1 million in the same period last year. The increase of total net revenue was mainly attributable to the growth of loan origination volume as well as the increase in the total asset under management.

Sales and marketing expensesin the second quarter of 2018 were RMB 793.8 million (US$120.0 million),compared to RMB617.9 million in the same period last year. Sales and marketing expenses in the second quarter of 2018 accounted for 6.8% of amount of loans facilitated,decreased from 7.2% in the same period last year due to increased marketing efficiencies.

Origination and servicing costsin the second quarter of 2018 were RMB 147.0 million (US$22.2 million),compared to RMB 93.1 million in the same period last year. Origination and servicing costs in the second quarter of 2018 accounted for 1.3% of amount of loans facilitated,increased from 1.1% in the same period last year mainly due to increased collection efforts this quarter.

General and administrative expensesin the second quarter of 2018 were RMB 336.1 million (US$50.8 million),compared to RMB 98.6 million in the same period last year. General and administrative expenses in the second quarter of 2018 accounted for 22.1% of total net revenue,compared to 8.3% in the same period last year. The increase in general and administrative expenses was mainly due to an expense of RMB 200.0 million (US$30.2 million) related to the quality assurance program; prior to the remaining balance of performing loans facilitated under the Company's quality assurance program being transferred to a third-party guarantee company.

Income tax expensein the second quarter of 2018 was RMB 41.1 million (US$6.2 million). Since the first quarter of 2017,Yi Ren Heng Ye Technology Development (Beijing) Co.,Ltd.,a subsidiary of the Company,enjoyed a favorable enterprise income tax rate of 12.5% as a software enterprise which qualification was confirmed by local tax bureau in the third quarter of 2016. This makes it eligible for an exemption of enterprise income tax for 2015 and 2016 and a favorable enterprise income tax rate of 12.5% for 2017,2018 and 2019.

Net incomein the second quarter of 2018 was RMB 204.7 million (US$30.9 million),decreased by 24% from RMB269.1 million in the same period last year.

Adjusted net income(non-GAAP) in the second quarter of 2018 was RMB 440.5 million (US$66.6 million),increased by 64% from RMB 269.1 million in the same period last year. For the second quarter of 2018,net income would by positively impacted by RMB 235.9 million if ASC 606 was not adopted,generated from loans facilitated prior to 2018.

Adjusted EBITDA(non-GAAP) in the second quarter of 2018 was RMB 563.7 million (US$85.2 million),increased by 49% from RMB 378.4 million in the same period last year. Adjusted EBITDA margin[1] (non-GAAP) in the second quarter of 2018 was 37.1%,compared to 32.0% in the same period last year. For the second quarter of 2018,adjusted EBITDA includes RMB 314.5 million adjustment on pre-tax income earned from loans facilitated prior to 2018,if ASC 606 was not adopted.

Basic income per ADSin the second quarter of 2018 was RMB 3.37 (US$0.51),decreased from RMB 4.50 in the same period last year.

Adjusted basic income per ADSin the second quarter of 2018 was RMB 7.26 (US$1.10). Adjusted basic income per ADS includes RMB 235.9 adjustment on income earned from loans facilitated prior to 2018,if ASC 606 was not adopted.

Diluted income per ADSin the second quarter of 2018 was RMB 3.31 (US$0.50),decreased from RMB 4.45 in the same period last year.

Adjusted diluted income per ADSin the second quarter of 2018 was RMB 7.13 (US$1.08). Adjusted diluted income per ADS includes RMB 235.9 adjustment on income earned from loans facilitated prior to 2018,if ASC 606 was not adopted.

Net cash used in operating activitiesin the second quarter of 2018 was RMB 1,370.1 million (US$207.1 million),compared to net cash generated from operating activities of RMB 530.4 million in the same period last year. The decrease in net cash generated from operating activities is mainly due to an increase in loans with a monthly fee collection schedule as well as increased payouts of principal and accrued interest on default loans from the quality assurance program this quarter.

As of June 30,cash and cash equivalentswas RMB 567.5 million (US$85.8 million),compared to RMB 1,666.9 million as of March 31,2018. As of June 30,balance of held-to-maturity investments was RMB 312.1 million (US$47.2 million),compared to RMB 9.7 million as of March 31,balance of available-for-sale investments was RMB 530.1 million (US$80.1 million),compared to RMB 990.9 million as of March 31,2018.

Delinquency rates.As of June 30,the delinquency rates for loans that are past due for 15-29 days,30-59 days and 60-89 days were 0.8%,1.2% and 1.3%,compared to 0.8%,1.6% and 1.3%,as of March 31,2018.

Cumulative M3+ net charge-off rates.As of June 30,the cumulative M3+ net charge-off rate for loans originated in 2015 was 10.1%,compared to 9.7% as of March 31,the cumulative M3+ net charge-off rate for loans originated in 2016 was 8.7%,compared to 7.4% as of March 31,the cumulative M3+ net charge-off rate for loans originated in 2017 was 6.0%,compared to 3.0% as of March 31,2018. As the 2015 and 2016 vintage loans continue to mature,the charge off level is broadly consistent with our risk performance expectation.

Other Operating Metrics and Business Results

As of June 30,remaining principal of performing loans totaled RMB 45.8 billion (US$6.9 billion),increased by 5% from RMB 43.8 billion as of March 31,2018 and 65% from RMB 27.9 billion as of June 30,2017.

ŸIn the second quarter of 2018,Grade I,II,III,IV and V loans represented 9.0%,26.9%,27.2%,20.7% and 16.2% of the Company's product portfolio,respectively.

Other Developments

Credit Assurance Program

To ensure compliance with regulatory requirements,starting from May 2018,the Company has discontinued its quality assurance program. Effective May 2018,loans facilitated on the Company's platform will be covered by a new credit assurance program operated by a third-party guarantee company. Under the new credit assurance program,the guarantee company will operate a reserve fund collected from borrowers and will compensate investors for losses from borrower's default up to the cash available in the fund. Additionally,as of May 2018,the Company has transferred the guarantee liability related to the quality assurance program to the guarantee company at the estimated fair value on the date of transfer; therefore the Company derecognized the guarantee liability upon the transfer. The Company's existing liability from quality assurance program has been fully transferred to a credit assurance program set up and managed by a third-party guarantee company. The Company recorded the consideration payable as payable to the guarantee company as of June 30,2018. The restricted cash was still reported onthe Company's balance sheet as of June 30,2018. As a result of the above,as of June 30,substantiallyall outstanding loans facilitated through Yirendai's platform are either covered through a credit enhancement program operated by a third-party guarantee company or PICC's surety insurance program.

Institutional Funding Update

As of August 2018,the Company has entered into new funding arrangements with Goldman Sachs,a leading global investment firm as well as XinWangBank,oneof the three Internet banks in China.

Dividend Policy Update

In August 2018,the Company's board of directors have approved to temporarily suspend the semi-annual dividend policy due to a challenging market environment with business uncertainties.

Non-GAAP Financial Measures

In evaluating the business,the Company considers and uses several non-GAAP financial measures,such as adjusted net income,adjusted EBITDA,adjusted EBITDA margin,adjusted basic income per ADS and adjusted diluted income per ADS as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results,enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies,including peer companies in the industry,may calculate these non-GAAP measures differently,which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure,all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted,all translations from RMB to US$ are made at a rate of RMB 6.6171 to US$1.00,the effective noon buying rate on June 29,2018 as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yirendai's management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on August 28,2018 (or 8:00 a.m. Beijing/Hong Kong Time on August 29,2018.)

Dial-in details for the earnings conference call are as follows:

International:

+65 6713-5090

U.S. Toll Free:

+1 866-519-4004

Hong Kong Toll Free:

800-906-601

Mainland China:

400-620-8038

Conference ID:

9685367

A replay of the conference call may be accessed by phone at the following numbers until September 5,2018:

International:

+61 2-8199-0299

U.S. Toll Free:

+1 855-452-5696

Conference ID:

9685367

A live and archived webcast of the conference call will be available on Yirendai's website at ir.yirendai.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended,and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions,and relate to events that involve known or unknown risks,uncertainties and other factors,all of which are difficult to predict and many of which are beyond Yirendai's control. Forward-looking statements involve risks,uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include,but are not limited to,uncertainties as to Yirendai's ability to attract and retain borrowers and investors on its marketplace,its ability to introduce new loan products and platform enhancements,its ability to compete effectively,PRC regulations and policies relating to the peer-to-peer lending service industry in China,general economic conditions in China,and Yirendai's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange,including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks,uncertainties or factors is included in Yirendai's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release,and Yirendai does not undertake any obligation to update any forward-looking statement as a result of new information,future events or otherwise,except as required under applicable law.

About Yirendai

Yirendai Ltd. (NYSE: YRD) is a leading fintech company in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system,which enables the Company to effectively assess the creditworthiness of borrowers,appropriately price the risks associated with borrowers,and offer quality loan investment opportunities to investors. Yirendai's online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information,please visitir.yirendai.com.

For investor and media inquiries,please contact:

Yirendai

Hui (Matthew) Li

Director of Investor Relations

Email:ir@yirendai.com

[1]Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.

Unaudited Condensed Consolidated Statements of Operations

(in thousands,except for share,per share and per ADS data,and percentages)

For the Three Months Ended

For the Six Months Ended

June 30,

2017

March 31,

2018

June 30,

2017

June 30,

2018

RMB

USD

RMB

RMB

USD

Net revenue:

Loan facilitation services

1,121,200

1,247,616

997,450

150,736

2,097,598

2,245,066

339,283

Post-origination services

41,389

53,405

61,673

9,320

74,701

115,078

17,391

Account management services

-

361,121

401,960

60,746

-

763,081

115,320

Others

20,468

47,173

58,489

8,839

32,357

105,662

15,968

Total net revenue *

1,183,057

1,709,315

1,519,572

229,641

2,204,656

3,228,887

487,962

Operating costs and expenses:

Sales and marketing

617,880

781,726

793,750

119,954

1,087,260

1,575,476

238,092

Origination and servicing

93,147

142,740

147,031

22,220

151,931

289,771

43,791

General and administrative

98,614

338,030

336,062

50,787

199,112

674,092

101,871

Total operating costs and expenses

809,641

1,262,496

1,276,843

192,961

1,438,303

2,539,339

383,754

Interest income

27,398

28,276

23,409

3,538

51,547

51,685

7,811

Fair value adjustments related to Consolidated ABFE

(1,915)

4,463

142,603

21,551

(560)

147,066

22,225

Provision expenses *

-

(116,624)

(163,029)

(24,637)

-

(279,653)

(42,262)

Non-operating income,net

555

(452)

5

1

762

(447)

(68)

Income before provision for income taxes

399,454

362,482

245,717

37,133

818,102

608,199

91,914

Income tax expense/(benefit)

130,358

83,578

41,054

6,204

198,105

124,632

18,836

Net income

269,096

278,904

204,663

30,929

619,997

483,567

73,078

Weighted average number of ordinary shares outstanding,basic

119,603,286

121,368,093

121,429,290

121,290

119,582,176

121,397,446

121,446

Basic income per share

2.2499

2.2980

1.6855

0.2547

5.1847

3.9833

0.6020

Basic income per ADS

4.4998

4.5960

3.3710

0.5094

10.3694

7.9666

1.2040

Weighted average number of ordinary shares outstanding,diluted

120,833,406

123,773,063

123,656,710

123,710

120,837,995

123,713,641

123,641

Diluted income per share

2.2270

2.2533

1.6551

0.2501

5.1308

3.9088

0.5907

Diluted income per ADS

4.4540

4.5066

3.3102

0.5002

10.2616

7.8176

1.1814

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from/(used in) operating activities

530,371

(337,727)

(1,370,147)

(207,062)

1,094,875

(1,707,874)

(258,101)

Net cash used in investing activities

(95,702)

(382,191)

(491,870)

(74,333)

(523,388)

(874,061)

(132,091)

Net cash (used in)/provided by financing activities

(94,993)

(45,176)

197,184

29,799

(139,834)

152,008

22,972

Effect of foreign exchange rate changes

(6,463)

(10,976)

8,117

1,227

(10,242)

(2,859)

(432)

Net increase/(decrease) in cash,cash equivalents and restricted cash

333,213

(776,070)

(1,716)

(250,369)

421,411

(2,432,786)

(367,652)

Cash,cash equivalents and restricted cash,beginning of period

2,274,709

3,662,868

2,886,798

436,263

2,186,511

3,868

553,546

Cash,end of period

2,607,922

2,798

1,230,082

185,894

2,922

1,894

Unaudited Consolidated Balance Sheet

(in thousands)

As of

June 30,

2018

RMB

RMB

(Revised*)

RMB

USD

Cash and cash equivalents

891,154

1,666,866

567,502

85,762

Restricted cash

1,716,768

1,219,932

662,580

100,132

Accounts receivable

18,109

10,956

6,856

1,036

Prepaid expenses and other assets

619,504

1,191,191

1,150

185,603

Loans at fair value

269,952

888,786

1,659,310

250,761

Amounts due from related parties

2,824

129,229

119,616

18,077

Held-to-maturity investments

589,329

9,679

312,101

47,166

Available-for-sale investments

1,260

990,873

530,057

80,104

Property,equipment and software,net

59,838

83,279

96,769

14,624

Deferred tax assets *

559,794

806,798

429,964

64,978

Contract assets,net*

-

2,410,688

2,552,900

385,803

Total assets

5,989,532

9,408,277

8,165,805

1,234,046

Accounts payable

15,153

35,747

36,657

5,540

Amounts due to related parties

45,425

70,875

54,954

8,305

Liabilities from quality assurance program and guarantee

1,961,315

2,745,530

12,152

1,836

Deferred revenue

173,386

-

-

-

Payable to third-party credit assurance program

-

-

1,241,859

187,674

Payable to investors at fair value

200,947

75,983

51,988

7,857

Accrued expenses and other liabilities *

780,555

1,170,206

1,407

186,548

Deferred tax liabilities *

60,000

627,321

658,156

99,463

Contract liabilities *

-

334,658

294,680

44,533

Total liabilities

3,236,781

5,060,320

3,584,853

541,756

Ordinary shares

75

76

76

11

Additional paid-in capital

950,151

1,149,698

1,174,158

177,443

Accumulated other comprehensive income/(loss)

19,216

(1,502)

9,005

1,361

Retained earnings*

1,783,309

3,199,685

3,713

513,475

Total equity

2,752,751

4,347,957

4,580,952

692,290

Total liabilities and equity

5,046

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands,except for number of borrowers,number of investors and percentages)

For the Three Months Ended

For the Six Months Ended

June 30,

2018

RMB

RMB

(Revised*)

RMB

USD

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated

8,536,087

11,956,720

11,736,216

1,620

15,782,171

23,692,936

3,562

Loans generated from online channels

4,271,610

6,940,343

7,608,411

1,811

7,861,739

14,548,754

2,198,660

Loans generated from offline channels

4,264,477

5,016,377

4,127,805

623,809

7,920,432

9,144,182

1,381,902

Number of borrowers

138,529

174,128

177,754

177,754

263,319

351,725

351,725

Borrowers from online channels

98,245

126,276

135,686

135,686

184,190

261,814

261,814

Borrowers from offline channels

40,284

47,852

42,068

42,068

79,129

89,911

89,911

Number of investors

199,591

214,231

202,380

202,380

324,672

349,526

349,526

Investors from online channels

199,526

Reconciliation of Net Income

Net income

269,078

Adjustments on net income generated from loans pre-2018 (before adopting ASC606) *

-

249,422

235,877

35,647

-

485,299

73,340

Adjusted net income

269,096

528,326

440,540

66,576

619,997

968,866

146,418

Reconciliation of EBITDA

Net income

269,078

Adjustments on income before income taxes,generated from loans pre-2018 (before adopting ASC606) *

-

332,563

314,503

47,529

-

647,066

97,787

Interest income

(27,398)

(28,276)

(23,409)

(3,538)

(51,547)

(51,685)

(7,811)

Income tax expense

130,836

Depreciation and amortization

4,923

8,500

9,119

1,378

9,099

17,619

2,663

Share-based compensation

1,455

17,574

17,791

2,689

3,077

35,365

5,344

Adjusted EBITDA *

378,434

692,843

563,721

85,191

778,731

1,256,564

189,897

Adjusted EBITDA margin *

32.0%

40.5%

37.1%

37.1%

35.3%

38.9%

38.9%

* Please refer to accounting policy change disclosed above.

Operating Highlights

(in thousands)

As of

June 30,

2018

RMB

RMB

RMB

USD

Operating Highlights

Remaining principal of performing loans

27,871,922

43,843,775

45,849,674

6,928,968

Remaining principal of performing loans covered by quality assurance program and guarantee

27,502,314

40,855,141

148,523

22,445

Remaining principal of performing loans covered by third-party credit assurance program

-

-

42,174

6,369,735

Delinquency Rates

Delinquent for

15-29 days

30-59 days

60-89 days

All Loans

December 31,2013

0.2%

0.4%

0.3%

December 31,2014

0.3%

0.2%

0.2%

December 31,2015

0.4%

0.5%

0.4%

December 31,2016

0.4%

0.7%

0.6%

December 31,2017

0.8%

0.9%

0.7%

March 31,2018

0.8%

1.6%

1.3%

June 30,2018

0.8%

1.2%

1.3%

Online Channels

December 31,2013

0.1%

0.9%

0.3%

December 31,2014

0.4%

0.3%

0.2%

December 31,2015

0.6%

0.8%

0.6%

December 31,2016

0.6%

1.0%

0.8%

December 31,2017

1.2%

1.2%

0.9%

March 31,2018

1.0%

2.2%

1.8%

June 30,2018

0.9%

1.5%

1.6%

Offline Channels

December 31,2013

0.3%

0.2%

0.2%

December 31,2015

0.3%

0.4%

0.3%

December 31,2016

0.4%

0.6%

0.4%

December 31,2017

0.5%

0.7%

0.5%

March 31,2018

0.6%

1.1%

0.8%

June 30,2018

0.7%

1.0%

1.0%

Net Charge-Off Rate for Upgraded Risk Grid

Loan issued period

Customer grade

Amount of loans facilitated

during the period

Accumulated M3+ Net Charge-Off

as of June 30,2018

Total Net Charge-Off Rate

as of June 30,2018

(in RMB thousands)

(in RMB thousands)

2014

I

-

-

-

II

1,921,372

85,697

4.5%

III

303,276

19,295

6.4%

IV

-

-

-

V

3,913

518

13.2%

Total

2,561

105,510

4.7%

2015

I

146,490

4,254

2.9%

II

1,614,354

94,718

5.9%

III

2,521,705

210,958

8.4%

IV

2,506,107

264,606

10.6%

V

2,768,957

389,048

14.1%

Total

9,557,613

963,584

10.1%

2016

I

497,220

14,806

3.0%

II

3,137,889

127,756

4.1%

III

3,763,081

217,374

5.8%

IV

5,233

394,979

7.6%

V

7,799,180

1,025,257

13.1%

Total

20,380,603

1,780,172

8.7%

2017

I

2,701,162

48,174

1.8%

II

9,079,647

358,000

3.9%

III

10,611,451

633,448

6.0%

IV

10,263,135

707,636

6.9%

V

8,750,663

745,081

8.5%

Total

41,406,058

2,492,339

6.0%

1H 2018

I

2,118,371

2,080

0.1%

II

6,170

18,023

0.3%

III

6,242,087

20,918

0.3%

IV

5,058

20,785

0.4%

V

3,366,250

14,766

0.4%

Total

23,936

76,572

0.3%

M3+ Net Charge-Off Rate

Loan

issued

period

Month on Book

4

7

10

13

16

19

22

25

28

31

34

2013Q1

1.9%

3.2%

3.1%

2.3%

2.0%

0.9%

0.5%

0.5%

0.4%

0.4%

0.4%

2013Q2

1.8%

3.6%

4.5%

5.9%

6.4%

7.4%

6.1%

7.0%

7.5%

7.5%

7.8%

2013Q3

0.5%

2.8%

4.2%

5.5%

6.1%

6.5%

7.1%

7.1%

7.0%

6.9%

6.9%

2013Q4

0.7%

3.4%

4.8%

6.2%

6.8%

7.5%

8.3%

8.3%

8.2%

8.5%

8.3%

2014Q1

1.0%

4.2%

6.1%

7.0%

8.4%

9.3%

9.8%

9.7%

9.9%

9.8%

9.5%

2014Q2

0.5%

1.8%

2.6%

3.8%

4.3%

4.6%

4.6%

4.7%

4.7%

4.7%

4.8%

2014Q3

0.2%

0.8%

2.0%

2.8%

3.3%

3.7%

4.0%

4.2%

4.2%

4.1%

4.1%

2014Q4

0.3%

1.5%

2.7%

3.5%

4.1%

4.6%

5.1%

5.2%

5.2%

5.3%

5.3%

2015Q1

0.6%

2.7%

4.4%

5.8%

7.1%

8.2%

9.1%

9.6%

9.9%

10.2%

10.3%

2015Q2

0.5%

2.1%

3.7%

5.3%

6.6%

7.7%

8.6%

9.2%

9.6%

9.8%

10.1%

2015Q3

0.2%

1.6%

3.4%

4.9%

6.4%

7.4%

8.1%

8.6%

9.1%

9.5%

2015Q4

0.2%

1.6%

3.2%

4.9%

6.2%

7.2%

8.0%

8.7%

9.4%

2016Q1

0.2%

1.3%

2.9%

4.3%

5.4%

6.4%

7.2%

8.1%

2016Q2

0.2%

1.7%

3.4%

4.9%

6.1%

7.1%

8.3%

2016Q3

0.1%

1.5%

3.2%

4.6%

6.0%

7.5%

2016Q4

0.2%

1.5%

3.0%

4.6%

6.4%

2017Q1

0.2%

1.4%

3.2%

5.4%

2017Q2

0.3%

2.0%

4.7%

2017Q3

0.4%

3.0%

2017Q4

0.6%

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