360 Finance Inc

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 0 51.0 268
Fee Income (As % Of Revenues) % 100 82.1 86.9
Other Income CNY mil 0 89.8 314
Total Revenues CNY mil 1.66 788 4,447
Operating Profit CNY mil -28.5 260 1,827
Provisions CNY mil 0.108 49.9 182
Net Profit CNY mil -20.7 165 -1,904
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 0 488 568
Customer Loans CNY mil 0.009 1.19 811
Total Assets CNY mil 90.4 3,099 7,350
Shareholders' Equity CNY mil -20.7 734 4,440
Interbank Borrowing CNY mil 0 537 300
Customer Deposits CNY mil 0 0 0
Issued Debt Securities CNY mil 5.77 301 1,399
Ratios 2016 2017 2018
ROE % 100 46.2 -73.6
ROA % -22.9 10.3 -36.5
Costs (As % Of Assets) % 33.4 33.1 50.2
Costs (As % Of Income) % 1,821 67.0 58.9
Net Interest Margin % 0 3.20 5.13
NPLs (As % Of Loans) % 0 0.400 0.900
Provisions (As % Of NPLs) % ... 24,230 1,627
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil ... ... 2,259
Share Price (End Of Period) USD ... ... 15.7
Price/Earnings (P/E) ... ... 9.11
Price/Book Value (P/BV) ... ... 3.50
Earnings Per Share (EPS) USD ... ... 1.72
Book Value Per Share USD ... ... 4.49

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summary Unit 2016 2017 2018
income statement      
Net Interest Income CNY mil 0    
Total Revenues CNY mil 1.66    
Operating Profit CNY mil -28.5    
Net Profit CNY mil -20.7    
balance sheet      
Interbank Loans CNY mil 0    
Customer Loans CNY mil 0.009    
Total Assets CNY mil 90.4    
Shareholders' Equity CNY mil -20.7    
Interbank Borrowing CNY mil 0    
Customer Deposits CNY mil 0    
Issued Debt Securities CNY mil 5.77    
ratios      
ROE % 100    
ROA % -22.9    
Costs (As % Of Assets) % 33.4    
Costs (As % Of Income) % 1,821    
Net Interest Margin % 0    
Interest Income (As % Of Revenues) % 0    
Fee Income (As % Of Revenues) % 100    
Equity (As % Of Assets) % -22.9    
Loans (As % Assets) % 0.010    
NPLs (As % Of Loans) % 0    
Provisions (As % Of NPLs) % ...    
valuation      
Market Capitalisation (End Of Period) USD mil ... ...  
Number Of Shares (Average) mil ... ...  
Share Price (End Of Period) USD ... ...  
Earnings Per Share (EPS) USD ... ...  
Book Value Per Share USD ... ...  
Price/Earnings (P/E) ... ...  
Price/Book Value (P/BV) ... ...  
income statement Unit 2016 2017 2018
income statement      
Net Interest Income CNY mil 0    
Net Fee Income CNY mil 1.66    
Other Income CNY mil 0    
Total Revenues CNY mil 1.66    
Operating Cost CNY mil 30.2    
Operating Profit CNY mil -28.5    
Provisions CNY mil 0.108    
Extra and Other Cost CNY mil -0.003    
Pre-Tax Profit CNY mil -28.6    
Tax CNY mil 7.92    
Minorities CNY mil 0    
Net Profit CNY mil -20.7    
growth rates      
Net Interest Income Growth % ... ...  
Net Fee Income Growth % ...    
Total Revenue Growth % ...    
Operating Cost Growth % ...    
Operating Profit Growth % ...    
Pre-Tax Profit Growth % ...    
Net Profit Growth % ...    
market share      
Market Share in Revenues % < 0.001   ...
balance sheet Unit 2016 2017 2018
balance sheet      
Cash CNY mil 6.17    
Interbank Loans CNY mil 0    
Customer Loans CNY mil 0.009    
Total Assets CNY mil 90.4    
Shareholders' Equity CNY mil -20.7    
Of Which Minority Interest CNY mil 0    
Liabilities CNY mil 111    
Interbank Borrowing CNY mil 0    
Customer Deposits CNY mil 0    
Issued Debt Securities CNY mil 5.77    
Other Liabilities CNY mil 105    
asset quality      
Non-Performing Loans CNY mil 0    
Gross Loans CNY mil 0.117    
Total Provisions CNY mil 0.108    
growth rates      
Customer Loan Growth % ...    
Total Asset Growth % ...    
Shareholders' Equity Growth % ...    
market share      
Market Share in Customer Loans % < 0.001   ...
Market Share in Total Assets % < 0.001   ...
Market Share in Customer Deposits % 0   ...

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360 Finance Inc Logo

Finance

360 Finance Inc has been growing its revenues and asset by 0% and 0% a year on average in the last 3 years. Its loans and deposits have grown by 0% and 0% a year during that time and loans to deposits ratio reached at the end of 2018. The company achieved an average return on equity of 24.2% in the last three years with net profit growing 0% a year on average. In terms of operating efficiency, its cost to income ratio reached 58.9% in 2018, compared to 649% average in the last three years.

Equity represented 60.4% of total assets or 547% of loans at the end of 2018. 360 Finance Inc's non-performing loans were 0.900% of total loans while provisions covered some 1,627% of NPLs at the end of 2018.

Valuation

360 Finance Inc stock traded at USD 15.7 per share at the end of 2018 resulting in a market capitalization of USD 2,259 mil. Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 24.2% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 9.11x and price to book value (PBV) of 3.50x in 2018.