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| Statement |
|---|
| Optimize the product mix, improve sales capabilities, refine the risk control system, reach to prospective followers with high quality collaterals as well as good credit records |
| During the third quarter of 2023, the company focused on expanding business scale and improving asset quality and achieved year-on-year growth and all important indicators |
| Also, since we have been able to manage to decrease the overall financing cost, it allowed us to reach to customers with better collateral, as well as better credit records |
| By optimizing the product mix and lower customer interest rates, we were able to give real benefits to the MSC owners and lay a good foundation for serving the needs of followers with better credit history |
| In order to improve the asset quality the company has done continuously refining the factors in this credit adjustments and have fully [Indiscernible] technology to improve the accuracy of the assessment of borrowers and collaterals |
| [Indiscernible] expanding business scale during the quarter the company's total loan organization volume was RMB5.1 billion, representing a year-on-year increase of 20% and a 12% increase, as compared to the second quarter of 2023 |
| Due to our installment policy, sales partners' liquidity has significantly improved |
| And it also helped to broaden our customer reach as well |
| During the quarter, the company facilitated loans of RMB5.1 billion, increased by 20% year-on-year, and achieved a net income of RMB53 million, increased by 15% year-on-year |
| Continue to promote the application of models, systems, and data in credit approval, make the whole process more standardized, generative, systematized, and intelligent, to reduce human intervention and improve overall efficiency |
| We have made our efforts to push the legal proceeding, as well as the settlement with borrowers, which also helped the sales partners to get rid of the non-performing assets and also recover cash |
| This has effectively reduced the risk exposure of the company |
| Continue the transform to the platform model by accelerating the disposal of non-performing loans |
| Net income increased by 15% to RMB53 million from RMB46 million |
| Optimizing products and helps making finance more inclusive |
| Continuing to refine our surface to sales partners and help ease their liquidity pressures |
| for the third quarter of 2023, an increase of 0.4% from RMB254.3 million in the same period of 2022 |
| Next interest and fees income after collaboration cost increased 15.5% to RMB196 million fromRMB117 million |
| Net interest and fees income increased slightly from RMB254 million to RMB255 million |
| The company plan to transfer a bulk of defaulted loans to third-parties before the end of the year to recover cash and reduce the company's risk exposure |
| Employee compensation and benefits was increased 16% to RMB58 million from RMB50 million, due to an increase in the performance-based bonuses as a result of an increase in loan origination volume during the third quarter of 2023 |
| Total operating expenses increased by 27% to RMB106 million from RMB83 million |
| In the third quarter of 2023, the company's average funding and costs were slightly lower than that in the beginning of the year |
| William Gregozeski Hey, great quarter |
| During the quarter, a few historically defaulted sales partners was able to recommend their install payments |
| Jing Li Thank you |
| Thank you |
| Thank you |
| Statement |
|---|
| In the third quarter of 2023 some sales partners who forfeited their credit risk mitigation position due to the inability to fulfill their obligation to repurchase delinquent loans in the last few quarters, were able to recommend their payments, which had provided more protection to the loans |
| Provision for credit losses decreased by 72% to RMB12 million from RMB41 million |
| I think those are the two main reasons that gave us the chance to grab the amounts of the borrower in such uncertainties in economy, as well as the fluctuation in property prices |
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