360 Finance Posts Rosy Quarterly Earnings



(Caixin) Chinese digital consumer finance firm 360 Finance reported that second-quarter revenues ballooned 50% year-on-year to 3.3 billion yuan ($473 million).


For the three months through June, sales of credit-driven services accounted for 94% of total revenues, amounting to 3.1 billion yuan.


360 Finance also reported a net profit of 876.5 million yuan, compared with 618.2 million yuan for the same period of 2019.


In the second quarter, the Nasdaq-listed company registered a year-on-year increase of 21.8% in new loans as measured by volume to 58.9 billion yuan.


360 Finance said that as of the end of June it had 149 million registered users, with the number of users with approved credit lines climbing 44.1% year-on-year to 27.7 million.


In June, 360 Finance said it would start its plans for an initial public offering (IPO) in Hong Kong by the end of the year, following the trend of U.S.-listed Chinese companies seeking dual listings amid rising tensions between Washington and Beijing.


Source: Caixin By Ding Yi / Aug 24, 2020 01:04 PM 

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