GUANGZHOU, China, May 26, 2023
/PRNewswire/ -- CNFinance Holdings Limited (NYSE: CNF)
("CNFinance" or the "Company"), a leading home equity loan service
provider in China, today announced
its unaudited financial results for the first quarter ended
March 31, 2023.
First Quarter 2023 Operational and Financial
Highlights
- Total loan origination volume[1] was
RMB3.4 billion (US$0.5 billion) during the first quarter of 2023,
representing an increase of 47.8% from RMB
2.3 billion in the same period of 2022.
- Total number of active borrowers[2] was 25,759 during the first quarter of 2023,
representing an increase of 20.0% from 21,464 in the same period of 2022.
- Total number of transactions[3] was 5,543 during the
first quarter of 2023, representing an increase of 26.1% from 4,394
in the same period of 2022.
- Total interest and fees income were RMB453.2 million (US$66.0
million) in the first quarter of 2023, representing an
increase of 8.6% from RMB417.3
million in the same period of 2022.
- Net income was RMB49.3 million
(US$7.1 million) in the first quarter
of 2023, representing an increase of 14.4% from RMB43.1 million in the same period of 2022.
- Basic and diluted earnings per ADS were RMB0.72(US$0.10)
and RMB0.65 (US$0.09), respectively, in the first quarter of
2023, as compared to RMB0.63and
RMB0.57, respectively, in the same
period of 2022.
"In the first quarter of 2023, our management team and employees
kept working on promoting high-quality development of our services.
Our collaboration with commercial banks continued to scale. In this
quarter, we originated RMB3.4 billion
in total, including RMB2.2 billion
under trust lending model and RMB1.2
billion under commercial bank partnership. As a result of
our effective risk control mechanism, we recovered loan principal,
interest and penalties in the first quarter of 2023, which equal to
109% of the actual outstanding loan principal of delinquent
loans.
To prepare ourselves in facing possible economic fluctuations
going forward, it is very important for us to balance business
growth and risk control strategies. We will keep expanding our
business by optimizing services provided to sales partners and
rolling out new products. At the same time, achieving "high-quality
development" requires us to achieve higher profit margin and at the
same time, manage risks effectively. We will work on reducing the
overall costs with funding partners. We will also work on improving
the overall loan quality by prioritizing business operations in
Tier 1 and Tier 2 cities and other major cities in China." Commented Mr.Zhai Bin, Chairman and
CEO of CNFinance.
|
[1] Refers to the total amount of
loans CNFinance originated under the trust lending model and loans
recommended to commercial banks during the relevant
period.
|
|
[2] Refers
to borrowers with outstanding loan principal of home equity loans
as at the end of a specific period.
|
|
[3] Refers to the total number of
loans CNFinance originated under the trust lending model and loans
recommended to commercial banks during the relevant
period.
|
First Quarter 2023 Financial Results
Total interest and fees income increased by 8.6% to
RMB453.2 million (US$66.0 million) for the first quarter of 2023
from RMB417.3 million in the same
period of 2022, primarily due to an increase in the Company's
interest income on loans and interest income charged to sales
partners.
Interest and financing service fees on loans increased by
5.2% to RMB411.5 million (US$59.7
million) for the first quarter of 2023 from RMB391.1 million in the same period of 2022,
primarily attributable to the increase of average daily outstanding
loan principal in the first quarter of 2023 as compared to the same
period of 2022.
Interest income charged to sales partners, representing
fee charged to sales partners who choose to repurchase default
loans in installments, increased by 60.3% to RMB37.5 million (US$5.5
million) for the first quarter of 2023 from RMB23.4 million in the same period of 2022,
primarily due to the fact that the Company allows more sales
partners to repurchase the default loans in installments to help
sales partners ease their pressure on cashflow.
Interest on deposits with banks increased by 53.6% to
RMB4.3 million (US$0.6 million) for the first quarter of 2023
from RMB2.8 million in the same
period of 2022, primarily due to increased average daily balance of
time deposits.
Interest and fees expenses decreased by 8.1% to
RMB184.6 million (US$26.9 million) for the first quarter of 2023,
compared to RMB200.9 million in the
same period of 2022, primarily due to a decrease in daily average
outstanding principal of other borrowings as well as the funding
cost from trust companies.
Net interest and fees income increased by 24.1% to
RMB268.6 million (US$39.1 million) for the first quarter of 2023,
from RMB216.4 million in the same period of 2022.
Net revenue under the commercial bank partnership
model, representing fees charged to commercial banks for
services including introducing borrowers, initial credit
assessment, facilitating loans from the banks to the borrower and
providing technical assistance to the borrower and banks, net of
fees paid to third-party insurance company and commissions paid to
sales channels, was RMB21.5 million
(US$3.1 million) for the first
quarter of 2023. The Company has started to collaborate with
commercial banks since 2021 and such collaboration grew and scaled
in the second half of 2022 The outstanding loan principal under the
commercial bank partnership was RMB3.4
billion as of March 31, 2023
as compared to RMB70.4 million as of
March 31, 2022.
Collaboration cost for sales partners, representing
sales incentives paid to sales partners, increased by 4.3% to
RMB83.0 million (US$12.1 million) for the first quarter of 2023,
compared to RMB79.6 million in the
same period of 2022, primarily attributable to the increase of
average daily outstanding loan principal in the first quarter of
2023 as compared to the same period of 2022.
Net interest and fees income after collaboration
cost was RMB207.0 million
(US$30.1 million) for the first
quarter of 2023, representing an increase of 51.3% from
RMB136.9 million in the same period
of 2022.
Provision for credit losses, representing provision for
credit losses under the trust lending model and the expected credit
losses of guarantee under the commercial bank partnership model in
relation to certain financial guarantee arrangements the Company
entered into with a third-party guarantor, who provides guarantee
services to commercial bank partners, was RMB78.9 million (US$11.5
million) for the first quarter of 2023, as compared to a
reversal of RMB13.6 million in the
same period of 2022. The reversal in the first quarter of 2022 was
primarily due to the fact that the Company transferred the
remaining loans under the traditional facilitation model to third
parties and the allowance of such loans was reversed.
Realized gains on sales of investments, representing
realized gains and losses from the disposal of investment
securities, was RMB3.9 million
(US$0.6 million), as compared to
RMB8.4 million for the same period of
2022.
Net losses on sales of loans was RMB0.9 million (US$0.1
million) in the first quarter of 2023 as compared to
RMB38.9 million in the same period of
2022, primarily attributable to the fact that the Company
transferred the remaining loans under the traditional facilitation
model to third parties in bulk during the first quarter of 2022.
Such loans under the traditional facilitation model were all
facilitated prior to 2019, and the majority of them were long past
due.
Other gains, net was RMB16.0
million (US$2.3 million) for
the first quarter of 2023 as compared to RMB18.4 million in the same period of 2022.
Operating expenses increased by 0.5% to RMB80.3 million (US$11.7
million) for the first quarter of 2023, compared to
RMB79.9 million in the same period of
2022.
Employee compensation and benefits was RMB44.0 million (US$6.4
million) for the first quarter of 2023 as compared to
RMB43.0 million in the same period of
2022.
Share-based compensation expenses was nil for the first
quarter of 2023 as compared to RMB1.4
million in the same period of 2022. According to the
Company's share option plan adopted on December 31, 2019, approximately 50%, 30% and 20%
of the option granted was vested on December
31, 2020, 2021 and 2022,
respectively. Related compensation cost of the option granted has
been fully recognized as of December 31,
2022.
Taxes and surcharges increased by 7.4% to RMB8.7 million (US$1.3
million) for the first quarter of 2023 from RMB8.1 million in the same period of 2022,
primarily due to an increase in total interest and fees income by
8.6% for the first quarter of 2023 compared to the same period of
2022.
Operating lease cost increased to RMB4.2 million (US$0.6
million) for the first quarter of 2023 as compared to
RMB3.6 million for the same period of
2022.
Other expenses was RMB23.4
million (US$3.4 million) for
the first quarter of 2023 as compared to RMB23.8 million in the same period of 2022.
Income tax expense was RMB17.6
million (US$2.6 million) for
the first quarter of 2023, compared to RMB15.4 million in the same period of 2022,
primarily due to the increase in taxable income in the first
quarter of 2023 as compared to the same period of 2022.
Effective tax rate remained 26.3% for the first quarter
of 2023 and the same period of 2022.
Net income increased by 14.4% to RMB49.3 million
(US$7.1 million) for the first
quarter of 2023, compared to RMB43.1
million in the same period of 2022.
Basic earnings per ADS and diluted earnings per ADS were
RMB0.72 (US$0.10) and RMB0.65 (US$0.09),
respectively, in the first quarter of 2023, compared to
RMB0.63 and RMB0.57, respectively, in the same period of
2022. One ADS represents 20 ordinary shares.
As of March 31, 2023, the Company
had cash, cash equivalents and restricted cash of
RMB2.2 billion (US$0.3 billion), compared to RMB1.8 billion as of December 31, 2022, including RMB1.6 billion (US$0.2 billion) and RMB1.2
billion from structured funds as of March 31, 2023 and December 31, 2022, respectively, which could only
be used to grant new loans and activities.
The delinquency ratio (excluding loans held for sale) for
loans originated by the Company decreased from 18.3% as of
December 31, 2022 to 15.2% as of
March 31, 2023. The delinquency ratio
for first lien loans (excluding loans held for sale) was 19.3% as
of March 31, 2023 as compared to
21.8% as of December 31, 2022, and
the delinquency ratio for second lien loans (excluding loans held
for sale) decreased from 17.6% as of December 31, 2022 to 14.4% as of March 31, 2023.
The NPL ratio (excluding loans held for sale) for loans
originated by the Company increased from 1.1% as of December 31, 2022 to 1.8% as of March 31, 2023. The NPL ratio for first lien
loans (excluding loans held for sale) increased from 1.1% as of
December 31, 2022 to 2.4% as of
March 31, 2023, and the NPL ratio for
second lien loans (excluding loans held for sale) increased from
1.2% as of December 31, 2022 to 1.7%
as of March 31, 2023.
Recent Development
Share Repurchase
On March 16, 2022, the Company's
board of directors authorized a share repurchase program under
which the Company may repurchase up to US$20 million of
its ordinary shares in the form of American depositary shares
("ADSs") during a period of up to 12 months commencing on
March 16, 2022. On March 16, 2023, the Company's board of directors
authorized to extend the share repurchase program for 12 months
commencing on March 16, 2023. As of
March 31, 2023, the Company had
repurchased an aggregate of approximately US$13.9 million worth of its ADSs under this
share repurchase program.
Conference Call
CNFinance's management will host an earnings conference call at
8:00 AM U.S. Eastern Time on
Friday, May 26, 2023 (8:00 PM Beijing/ Hong Kong Time on Friday, May 26, 2023).
Dial-in numbers for the live conference call are as follows:
|
International:
|
+1-412-902-4272
|
|
Mainland
China
|
+86-4001-201203
|
|
United
States:
|
+1-888-346-8982
|
|
Hong Kong:
|
+852-3018-4992
|
|
Passcode:
|
CNFinance
|
A telephone replay of the call will be available after the
conclusion of the conference call until 11:59 PM ET on June 2,
2023.
Dial-in numbers for the replay are as follows:
|
International:
|
+1-412-317-0088
|
|
United
States:
|
+1-877-344-7529
|
|
Passcode:
|
7691736
|
A live and archived webcast of the conference call will be
available on the Investor Relations section of CNFinance's website
at http://ir.cashchina.cn/.
Exchange Rate
The Company's business is primarily conducted in China and all of the revenues are denominated
in Renminbi ("RMB"). This announcement contains translations of
certain RMB amounts into U.S. dollars at specified rates solely for
the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of
RMB6.8676 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of March 31, 2023.
No representation is made that the RMB amounts could have been, or
could be, converted, realized or settled into U.S. dollars at that
rate on March 31, 2023, or at any
other rate.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and 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", "confident" and similar statements. The Company may
also make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements
that involve factors, risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Such factors and risks include, but not
limited to the following: its goals and strategies, its ability to
achieve and maintain profitability, its ability to retain existing
borrowers and attract new borrowers, its ability to maintain and
enhance the relationship and business collaboration with its trust
company partners and to secure sufficient funding from them, the
effectiveness of its risk assessment process and risk management
system, its ability to maintain low delinquency ratios for loans it
originated, fluctuations in general economic and business
conditions in China, the impact
and future development of COVID-19 pandemic in China and across the globe, and relevant
government laws, regulations, rules, policies or guidelines
relating to the Company's corporate structure, business and
industry. Further information regarding these and other risks is
included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is current as of the date of the press release, and the Company
does not undertake any obligation to update such information,
except as required under applicable law.
About CNFinance Holdings Limited
CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the
"Company") is a leading home equity loan service provider in
China. CNFinance, through its
operating subsidiaries in China,
conducts business by connecting demands and supplies through
collaborating with sales partners and trust companies under the
trust lending model, and local channel partners and commercial
banks under the commercial bank partnership model. Sales partners
and local channel partners are responsible for recommending micro-
and small-enterprise ("MSE") owners with financing needs to the
Company and the Company introduces eligible borrowers to licensed
financial institutions with sufficient funding sources including
trust companies and commercial banks who will then conduct their
own risk assessments and make credit decisions. The Company's
primary target borrower segment is MSE owners who own real
properties in Tier 1 and Tier 2 cities and other major cities in
China. The Company's risk
mitigation mechanism is embedded in the design of its loan
products, supported by an integrated online and offline process
focusing on risks of both borrowers and collateral and further
enhanced by effective post-loan management procedures.
For more information, please contact:
CNFinance
E-mail: ir@cashchina.cn
|
CNFINANCE HOLDINGS
LIMITED
|
|
|
Unaudited condensed
consolidated balance sheets
|
|
|
(In thousands, except
for number of shares)
|
|
|
|
|
|
December 31,
2022
|
|
|
March
31,
2023
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
|
1,772,184
|
|
|
|
2,183,325
|
|
|
|
317,917
|
|
|
Loans principal,
interest and financing service fee receivables
|
|
|
9,456,802
|
|
|
|
8,523,985
|
|
|
|
1,241,188
|
|
|
Allowance for credit
losses
|
|
|
763,996
|
|
|
|
734,037
|
|
|
|
106,884
|
|
|
Net loans principal,
interest and financing service fee receivables
|
|
|
8,692,806
|
|
|
|
7,789,948
|
|
|
|
1,134,304
|
|
|
Loans
held-for-sale
|
|
|
1,844,438
|
|
|
|
2,137,097
|
|
|
|
311,185
|
|
|
Investment
securities
|
|
|
518,645
|
|
|
|
494,039
|
|
|
|
71,938
|
|
|
Property and
equipment
|
|
|
2,284
|
|
|
|
2,328
|
|
|
|
339
|
|
|
Intangible assets and
goodwill
|
|
|
3,488
|
|
|
|
3,361
|
|
|
|
489
|
|
|
Deferred tax
assets
|
|
|
76,905
|
|
|
|
98,021
|
|
|
|
14,273
|
|
|
Deposits
|
|
|
145,093
|
|
|
|
153,642
|
|
|
|
22,372
|
|
|
Right-of-use
assets
|
|
|
29,777
|
|
|
|
29,733
|
|
|
|
4,330
|
|
|
Guaranteed
assets
|
|
|
726,411
|
|
|
|
697,315
|
|
|
|
101,537
|
|
|
Other assets
|
|
|
669,889
|
|
|
|
844,744
|
|
|
|
123,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
14,481,920
|
|
|
|
14,433,553
|
|
|
|
2,101,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings under
agreements to repurchase
|
|
|
112,642
|
|
|
|
318,935
|
|
|
|
46,441
|
|
|
Other
borrowings
|
|
|
7,727,559
|
|
|
|
7,202,999
|
|
|
|
1,048,838
|
|
|
Accrued employee
benefits
|
|
|
31,645
|
|
|
|
14,396
|
|
|
|
2,096
|
|
|
Income taxes
payable
|
|
|
186,901
|
|
|
|
209,839
|
|
|
|
30,555
|
|
|
Deferred tax
liabilities
|
|
|
73,752
|
|
|
|
73,548
|
|
|
|
10,709
|
|
|
Lease
liabilities
|
|
|
28,583
|
|
|
|
29,094
|
|
|
|
4,236
|
|
|
Credit risk mitigation
position
|
|
|
1,354,653
|
|
|
|
1,288,391
|
|
|
|
187,604
|
|
|
Other
liabilities
|
|
|
1,028,471
|
|
|
|
1,271,740
|
|
|
|
185,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
10,544,206
|
|
|
|
10,408,942
|
|
|
|
1,515,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
(USD0.0001 par value; 3,800,000,000 shares
authorized; 1,559,576,960 shares issued and
1,371,643,240 shares
outstanding as of December 31, 2022 and March 31,
2023)
|
|
|
917
|
|
|
|
917
|
|
|
|
134
|
|
|
Treasury
stock
|
|
|
(87,631)
|
|
|
|
(95,299)
|
|
|
|
(13,877)
|
|
|
Additional paid-in
capital
|
|
|
1,024,204
|
|
|
|
1,024,204
|
|
|
|
149,136
|
|
|
Retained
earnings
|
|
|
2,958,716
|
|
|
|
3,005,593
|
|
|
|
437,648
|
|
|
Accumulated other
comprehensive losses
|
|
|
(10,212)
|
|
|
|
(11,718)
|
|
|
|
(1,706)
|
|
|
Non-controlling
interests
|
|
|
51,720
|
|
|
|
100,914
|
|
|
|
14,694
|
|
|
Total shareholders'
equity
|
|
|
3,937,714
|
|
|
|
4,024,611
|
|
|
|
586,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
|
14,481,920
|
|
|
|
14,433,553
|
|
|
|
2,101,688
|
|
|
CNFINANCE HOLDINGS
LIMITED
|
|
|
Unaudited condensed
consolidated statements of comprehensive income
|
|
|
(In thousands, except
for earnings per share and earnings per ADS)
|
|
|
|
|
|
Three months ended
March 31,2023,
|
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
Interest and fees
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and financing
service fees on loans(2)
|
|
|
391,109
|
|
|
|
411,450
|
|
|
|
59,912
|
|
|
Interest income charged
to sales partners
|
|
|
23,428
|
|
|
|
37,450
|
|
|
|
5,453
|
|
|
Interest on deposits
with banks
|
|
|
2,749
|
|
|
|
4,277
|
|
|
|
623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest and
fees income
|
|
|
417,286
|
|
|
|
453,177
|
|
|
|
65,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses on
interest-bearing borrowings
|
|
|
(200,890)
|
|
|
|
(184,599)
|
|
|
|
(26,880)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest and
fees expenses
|
|
|
(200,890)
|
|
|
|
(184,599)
|
|
|
|
(26,880)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and
fees income
|
|
|
216,396
|
|
|
|
268,578
|
|
|
|
39,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue under the
commercial bank partnership model
|
|
|
122
|
|
|
|
21,471
|
|
|
|
3,126
|
|
|
Collaboration cost for
sales partners
|
|
|
(79,604)
|
|
|
|
(83,007)
|
|
|
|
(12,087)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and
fees income after collaboration cost
|
|
|
136,914
|
|
|
|
207,042
|
|
|
|
30,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal/(provision)
for credit losses (1)
|
|
|
13,554
|
|
|
|
(78,802)
|
|
|
|
(11,474)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and
fees income after collaboration cost and
provision for credit losses
|
|
|
150,468
|
|
|
|
128,240
|
|
|
|
18,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gains on sales
of investments, net
|
|
|
8,366
|
|
|
|
3,890
|
|
|
|
566
|
|
|
Net losses on sales of
loans(1)
|
|
|
(38,929)
|
|
|
|
(869)
|
|
|
|
(126)
|
|
|
Other gains,
net
|
|
|
18,455
|
|
|
|
15,959
|
|
|
|
2,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
(losses)/income
|
|
|
(12,108)
|
|
|
|
18,980
|
|
|
|
2,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation
and benefits
|
|
|
(43,048)
|
|
|
|
(44,030)
|
|
|
|
(6,411)
|
|
|
Share-based
compensation expenses
|
|
|
(1,443)
|
|
|
|
-
|
|
|
|
-
|
|
|
Taxes and
surcharges
|
|
|
(8,048)
|
|
|
|
(8,719)
|
|
|
|
(1,270)
|
|
|
Operating lease
cost
|
|
|
(3,548)
|
|
|
|
(4,157)
|
|
|
|
(605)
|
|
|
Other
expenses
|
|
|
(23,803)
|
|
|
|
(23,389)
|
|
|
|
(3,406)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
(79,890)
|
|
|
|
(80,295)
|
|
|
|
(11,692)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
|
|
58,470
|
|
|
|
66,925
|
|
|
|
9,745
|
|
|
Income tax
expense
|
|
|
(15,393)
|
|
|
|
(17,589)
|
|
|
|
(2,561)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
43,077
|
|
|
|
49,336
|
|
|
|
7,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.03
|
|
|
|
0.04
|
|
|
|
0.006
|
|
|
Diluted
|
|
|
0.03
|
|
|
|
0.03
|
|
|
|
0.004
|
|
|
Earnings per ADS (1 ADS
equals 20 ordinary shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.63
|
|
|
|
0.72
|
|
|
|
0.10
|
|
|
Diluted
|
|
|
0.57
|
|
|
|
0.65
|
|
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(2,239)
|
|
|
|
(1,506)
|
|
|
|
(219)
|
|
|
Comprehensive
income
|
|
|
40,838
|
|
|
|
47,830
|
|
|
|
6,965
|
|
|
Less: net income
attributable to non-controlling interests
|
|
|
-
|
|
|
|
2,459
|
|
|
|
358
|
|
|
Total comprehensive
income attributable to ordinary
shareholders
|
|
|
40,838
|
|
|
|
45,371
|
|
|
|
6,607
|
|
|
|
|
(1) In 2022, the
majority of sales partners chose to fulfill their guaranteed
obligations by making instalment
payments. When sales partners sign the creditor's rights transfer
agreement, the loans to be transferred
will be recognized as "held-for-sale loans (HFS)", and HFS would be
measured at the lower of the cost
and fair value. In 2022, the Company reassessed the fair value of
HFS, such reassessment had led to
overstatement in net gains/(losses) on sales of loans as well as
understatement in provision for credit
losses, which had no impact on net income in the three months ended
March 31, 2022.
|
|
|
(2) To provide
more relevant information, the line items of Interest income
charged to sales partners and
Net revenue under the commercial bank partnership model,
which were included in Interest and
financing service fees on loans in the three months ended March
31, 2022 have been shown in separate items.
|
|
View original
content:https://www.prnewswire.com/news-releases/cnfinance-announces-first-quarter-2023-unaudited-financial-results-301835553.html
SOURCE CNFinance Holdings Limited
