On November 21, Gelonghui reported that Yiren Digital (YRD.US) announced its financial report for the third quarter of 2024, with total net revenue of 1.4791 billion yuan, a year-on-year increase of 12.8%; net income was 0.3554 billion yuan, compared to 0.5544 billion yuan in the same period of 2023; diluted EPS was 2.0192 yuan.

In the third quarter of 2024, the income from the financial services business was 0.8362 billion yuan, an increase of 25.2% compared to 0.668 billion yuan in the same period of 2023. Insurance brokerage business income was 85.5 million yuan, a decrease of 67.7% compared to 0.2646 billion yuan in the third quarter of 2023. Income from consumer and lifestyle business and other businesses was 0.5574 billion yuan, an increase of 47.4% compared to 0.3782 billion yuan in the third quarter of 2023.

Mr. Tang Ning, Chairman and CEO, stated: "I am pleased to announce that driven by the 'quality over quantity' global strategy, we achieved a stable and healthy quarter, making tangible business developments and strategic explorations that highlight our consistent focus on sustainable, high-quality growth." Our financial services business improved asset quality through robust risk management and borrower optimization. We also made progress in exploring new online business models for the insurance sector. As a technology-driven platform, Yiren Digital prioritizes the use of technology and digital capabilities to enhance our business model. Additionally, our AI investments are improving operation efficiency and enhancing customer experience. These efforts lay the groundwork for delivering higher-quality growth and long-term value for our stakeholders. "In the third quarter of this year, our total revenue reached 1.5 billion yuan, a year-on-year increase of 13%."

The chief financial officer, Mr. Yuning Feng, commented: "In terms of the balance sheet, our cash and cash equivalents decreased compared to the end of the previous quarter to a total of 3.7 billion yuan, as we continued to engage in strategic long-term investments this quarter. Nevertheless, our cash position remains strong and competitive within the industry. Meanwhile, we will continue to carry out share buybacks and execute cash dividends to enhance shareholder returns."

Looking ahead, the company expects total revenue for the fourth quarter of 2024 to be between 1.3 billion yuan and 1.5 billion yuan, with a healthy net profit margin.