Yiren Digital Ltd. Sponsored Adr ( (YRD) ) has released its Q4 earnings. Here is a breakdown of the information Yiren Digital Ltd. Sponsored Adr presented to its investors.
Yiren Digital Ltd. is an AI-powered platform offering a wide range of financial and lifestyle services in China, focusing on enhancing customer financial well-being and quality of life. The company recently reported its financial results for the fourth quarter and fiscal year 2024, showcasing significant growth in its financial services segment.
In the fourth quarter of 2024, Yiren Digital facilitated loans totaling RMB15.4 billion, a 14.6% increase from the previous quarter. The company served over 1.5 million borrowers in the quarter, contributing to a cumulative total of over 12.3 million borrowers by year-end. The outstanding balance of performing loans reached RMB24.8 billion, marking an 8.7% increase from the previous quarter. However, the insurance brokerage business faced challenges, with a decrease in gross written premiums due to regulatory changes.
For the fiscal year 2024, Yiren Digital achieved a total net revenue of RMB5.8 billion, a 19% increase from 2023. The financial services segment was a major contributor, with revenues rising by 38% year-over-year. Despite the growth, net income for the year decreased to RMB1.58 billion from RMB2.08 billion in 2023, primarily due to increased provisions for loans and investments in AI technology.
Looking ahead, Yiren Digital remains optimistic about its growth prospects, with a projected revenue range of RMB5.5 billion to RMB6.5 billion for 2025. The company plans to continue leveraging its AI capabilities to drive efficiency and enhance customer experiences, positioning itself for sustainable long-term growth.
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