The company facilitated $1.217 billion worth of loans during the quarter through its online market place, over 31% of which were generated by repeat borrowers. The amount of loan facilitated represents a 38% decline compared to last year.
YRD stock has wiped out over 70% of its value in the trailing 52 weeks. Since the beginning of this year, though, it has recovered somewhat and has gained 6.5%.
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CEO Yihan Fang said, “Demand for our wealth management product continues to be strong, close to half a million retail investors chose to invest in our platform this year despite volatilities in the industry and we continue to see average AUM per investor increasing.”
“Going into 2019,” CFO Dennis Cong said, “we will maintain focused on continual diversification in funding sources, expanding our loan product mix as well as enhancing our risk management strategies to support our credit and wealth management business growth.”