ChinaFintech – Tencent’s WeBank Totaled 100M Personal Loans as of 2017

WeBank (微众银行), the direct bank affiliated to Tencent, saw the total originations of personal loans surpassed 100 million in 2017 since its incorporation in 2014, according to WeBank 2017 annual report.

It provides Weilidai (微粒贷), a short-term personal loan product available on Tencent’s messaging apps (WeChat and Mobile QQ), and auto financing product Weichedai (微车贷) to individual borrowers. The outstanding loans of Weilidai reached RMB100 billion (US$15 billion) in 2017, according to Tencent Q4 2017 earnings report. For businesses, WeBank launched Weiyedai (微业贷) in 2017.

The total loan originations and the total number of borrowers increased respectively by 170% and 327% to RMB 870 billion (US$133 billion) and 12 million as of the end of 2017.

92% of the loan balances were less than RMB 50,000 (US$7640). 74% of the loans cost borrowers less than RMB 100 (US$15).

74% of the individual borrowers were in jobs lower paid than white-collars. Loan delinquency rate in 2017 was 0.64%, up from 0.32% for the previous year.

The total outstanding loan balance and assets increased by 55% and 57%, respectively.

Some 50 partnering financial institutions accounted for 75% of the total loan originations.

Total revenues increased by 175% in 2017, with net interest income and servicing fees increased by 140% and 305%, respectively.

Net profit increased by 261%. The average interest rate was down by 45 percent points in 2017.

The total number of registered customers increased by 214% in 2017 to over 60 million. They are located in more than 500 cities across China.

Source: WeBank, MyBank (Click to enlarge)
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