Lexin FinTech

Lexin's net profit rose 15.4% to CNY 724 mil in 3Q2019

By Helgi Analytics - November 05, 2019

Lexin FinTech made a net profit of CNY 724 mil under revenues of CNY 2,091 mil in the third quarter of 2019, up 62% and 89.4%...

Lexin's net interest margin fell 14.4% to 3.96% in 3Q2019

By Helgi Analytics - November 05, 2019

Lexin FinTech's net interest margin amounted to 3.96% in the third quarter of 2019, down from 4.62% when compared to the previou...

Lexin's price/earnings (P/E) fell 18.7% to 4.90 in 3Q2019

By Helgi Analytics - November 05, 2019

Lexin FinTech stock traded at CNY 32.7 per share at the end third quarter of 2019 implying a market capitalization of USD 1,855 mil. Si...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 882 1,652 1,845
Fee Income (As % Of Revenues) % -6.73 14.5 52.5
Other Income CNY mil 135 193 178
Total Revenues CNY mil 953 2,156 4,258
Operating Profit CNY mil 248 1,088 2,744
Provisions CNY mil 237 688 814
Net Profit CNY mil -118 240 1,977
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil ... 7.35 344
Customer Loans CNY mil 7,537 11,772 6,507
Debt Securities CNY mil ... 23.5 186
Total Assets CNY mil 8,720 14,730 12,471
Shareholders' Equity CNY mil 13.9 1,702 4,107
Interbank Borrowing CNY mil 602 527 771
Customer Deposits CNY mil 0 0 0
Issued Debt Securities CNY mil 7,688 10,692 4,804
Ratios 2016 2017 2018
ROE % -114 28.0 68.1
ROA % -1.88 2.05 14.5
Costs (As % Of Assets) % 11.3 9.11 11.1
Costs (As % Of Income) % 74.0 49.6 35.6
Net Interest Margin % 14.1 14.1 13.6
NPLs (As % Of Loans) % 1.82 2.15 2.62
Provisions (As % Of NPLs) % ... 142 213
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil ... 1,356 1,394
Share Price (End Of Period) CNY ... 45.3 25.2
Price/Earnings (P/E) ... 36.7 4.59
Price/Book Value (P/BV) ... 5.19 2.21
Dividend Yield % ... 0 0
Earnings Per Share (EPS) CNY ... 1.23 5.49
Book Value Per Share CNY ... 8.72 11.4
Dividend Per Share CNY ... 0 0

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summary Unit 2014 2015 2016 2017 2018
income statement          
Net Interest Income CNY mil ... 157 882    
Total Revenues CNY mil ... 46.9 953    
Operating Profit CNY mil ... -329 248    
Net Profit CNY mil ... -310 -118    
balance sheet          
Interbank Loans CNY mil ... ... ...    
Customer Loans CNY mil ... 3,219 7,537    
Debt Securities CNY mil ... ... ...    
Total Assets CNY mil ... 3,817 8,720    
Shareholders' Equity CNY mil ... 194 13.9    
Interbank Borrowing CNY mil ... 131 602    
Customer Deposits CNY mil ... 0 0    
Issued Debt Securities CNY mil ... 3,190 7,688    
ratios          
ROE % ... -160 -114    
ROA % ... -8.13 -1.88    
Costs (As % Of Assets) % ... 9.85 11.3    
Costs (As % Of Income) % ... 802 74.0    
Net Interest Margin % ... 4.12 14.1    
Interest Income (As % Of Revenues) % ... 335 92.5    
Fee Income (As % Of Revenues) % ... -308 -6.73    
Equity (As % Of Assets) % ... 5.08 0.160    
Loans (As % Assets) % ... 84.3 86.4    
NPLs (As % Of Loans) % ... ... 1.82    
Provisions (As % Of NPLs) % ... ... ...    
valuation          
Market Capitalisation (End Of Period) USD mil ... ... ...    
Number Of Shares (Average) mil ... ... ...    
Share Price (End Of Period) CNY ... ... ...    
Earnings Per Share (EPS) CNY ... ... ...    
Book Value Per Share CNY ... ... ...    
Dividend Per Share CNY ... ... ...    
Price/Earnings (P/E) ... ... ...    
Price/Book Value (P/BV) ... ... ...    
Dividend Yield % ... ... ...    
Earnings Per Share Growth % ... ... ... ...  
Book Value Per Share Growth % ... ... ... ...  
income statement Unit 2014 2015 2016 2017 2018
income statement          
Interest Income CNY mil ... 326 1,374    
Interest Cost CNY mil ... 168 492    
Net Interest Income CNY mil ... 157 882    
Net Fee Income CNY mil ... -145 -64.1    
Other Income CNY mil ... 34.3 135    
Total Revenues CNY mil ... 46.9 953    
Operating Cost CNY mil ... 376 705    
Operating Profit CNY mil ... -329 248    
Provisions CNY mil ... 68.3 237    
Extra and Other Cost CNY mil ... 1.80 70.7    
Pre-Tax Profit CNY mil ... -399 -59.7    
Tax CNY mil ... -88.9 58.3    
Minorities CNY mil ... 0 0    
Net Profit CNY mil ... -310 -118    
Dividends CNY mil ... 0 0    
growth rates          
Net Interest Income Growth % ... ... 461    
Net Fee Income Growth % ... ... -55.6    
Total Revenue Growth % ... ... 1,933    
Operating Cost Growth % ... ... 87.6    
Operating Profit Growth % ... ... -175    
Pre-Tax Profit Growth % ... ... -85.0    
Net Profit Growth % ... ... -62.0    
balance sheet Unit 2014 2015 2016 2017 2018
balance sheet          
Cash CNY mil ... 162 652    
Interbank Loans CNY mil ... ... ...    
Customer Loans CNY mil ... 3,219 7,537    
Debt Securities CNY mil ... ... ...    
Total Assets CNY mil ... 3,817 8,720    
Shareholders' Equity CNY mil ... 194 13.9    
Of Which Minority Interest CNY mil ... 0 0    
Liabilities CNY mil ... 3,623 8,706    
Interbank Borrowing CNY mil ... 131 602    
Customer Deposits CNY mil ... 0 0    
Issued Debt Securities CNY mil ... 3,190 7,688    
Other Liabilities CNY mil ... 302 416    
asset quality          
Non-Performing Loans CNY mil ... ... ...    
Gross Loans CNY mil ... ... ...    
Total Provisions CNY mil ... ... ...    
growth rates          
Customer Loan Growth % ... ... 134    
Total Asset Growth % ... ... 128    
Shareholders' Equity Growth % ... ... -92.8    
ratios Unit 2014 2015 2016 2017 2018
ratios          
ROE % ... -160 -114    
ROA % ... -8.13 -1.88    
Costs (As % Of Assets) % ... 9.85 11.3    
Costs (As % Of Income) % ... 802 74.0    
Net Interest Margin % ... 4.12 14.1    
Interest Spread % ... ... 13.9    
Asset Yield % ... 8.53 21.9    
Cost Of Liabilities % ... ... 7.98    
Payout Ratio % ... 0 0    
Interest Income (As % Of Revenues) % ... 335 92.5    
Fee Income (As % Of Revenues) % ... -308 -6.73    
Other Income (As % Of Revenues) % ... 73.1 14.2    
Equity (As % Of Assets) % ... 5.08 0.160    
Loans (As % Assets) % ... 84.3 86.4    
NPLs (As % Of Loans) % ... ... 1.82    
Provisions (As % Of NPLs) % ... ... ...    
Provisions (As % Of Loans) % ... ... ...    
Cost of Provisions (As % Of Loans) % ... 2.12 4.40    
other data Unit 2014 2015 2016 2017 2018
other data          
Employees ... ... ... ...  
Clients mil ... ... 12.0    
Total Loan Book CNY mil ... 3,390 9,899    
On-balance Sheet Loans CNY mil ... 3,266 7,712    
Off-balance Sheet Loans CNY mil 0 124 2,187    
Off-balance Sheet Loans (As % of Total) % ... 3.66 22.1    
On-balance Sheet Loans (As % of Total) % ... 96.3 77.9    
Average Tenor months ... ... ... ...  
Average APR % ... ... ...    
Outstanding Loan per Borrower (Calculated) CNY ... 2,289 2,200    
Loan Facilitation Income (As % of Off BS Loans) % ... 1.07 4.69    
Loss of Guarantee Liability (As % of off-BS Loans) % ... ... ...    
Cost of Risk (incl. Off BS Loans) % ... 2.01 3.56    
Equity (As % of Off- and On BS Loans) % ... 5.72 0.141    
90 day+ deliquency ratio % ... ... ... ...  
Revenue per Client CNY ... 31.7 212    
Operating Profit per Client CNY ... -222 55.0    
Pre-Tax Profit per Client CNY ... -269 -13.3    
Loan Origination (On-Balance Sheet) CNY mil ... 6,110 22,197 ... ...
Loan Origination (Total) CNY mil ... 6,110 22,197    
Loan Facilitation & Servicing Fee CNY mil ... 0.661 54.2    
Processing and Servicing Cost CNY mil ... 0 114    
Provision for Credit Losses of Contract Assets and Service Fees Receivable CNY mil ... 0 5.06    
Profit on Off-Balance Sheet Loans CNY mil ... 0.661 -65.2    
Volume of Off-Balance Sheet Loans CNY mil 0 124 2,187    
Profit on Off-Balance Sheet Loans (As % of Off-Balance Sheet Loans) % ... 1.07 -5.64    
Profit on Off-Balance Sheet Loans (As % of Pre-Tax Profit) % ... -0.002 1.09    

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Lexin's net interest income rose 2.15% to CNY 147 mil in 3Q2019

By Helgi Analytics - November 05, 2019

Lexin FinTech generated total banking revenues of CNY 2,091 mil in the third quarter of 2019, up 89.4% when compared to the same period of last year and 44.5% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

Lexin's equity (as % of assets) fell 12.2% to 35.9% in 3Q2019

By Helgi Analytics - November 05, 2019

Lexin FinTech's Equity reached of total assets in the 3Q2019, up from 8.13% for the previous year. As a share of net customer loans, the ratio amounted to at the end of the third quarter of 2019. ...

Lexin's market capitalisation (end of period) fell 8.46% to USD 2,026 mil in 3Q2019

By Helgi Analytics - November 05, 2019

Lexin FinTech stock traded at CNY 32.7 per share at the end of third quarter of 2019 implying a market capitalization of USD 1,855 mil. Over the last five years, the stock has appreciated by 0 implying an annual average growth of 0% In absolute terms, the...

Lexin's share price (end of period) fell 10.1% to CNY in 3Q2019

By Helgi Analytics - November 05, 2019

Lexin FinTech stock traded at per share at the end of first quarter of 1970 implying a market capitalization of. Over the last five years, the stock has depreciated by % implying an annual average growth of 0 %. In absolute terms, the value of the company fell ...

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Finance

Lexin FinTech has been growing its revenues and asset by 349% and 48.4% a year on average in the last 3 years. Its loans and deposits have grown by 26.4% 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 -5.80% in the last three years with net profit growing nan% a year on average. In terms of operating efficiency, its cost to income ratio reached 35.6% in 2018, compared to 53.0% average in the last three years.

Equity represented 32.9% of total assets or 63.1% of loans at the end of 2018. Lexin FinTech's non-performing loans were 2.62% of total loans while provisions covered some 213% of NPLs at the end of 2018.

Valuation

Lexin FinTech stock traded at CNY 25.2 per share at the end of 2018 resulting in a market capitalization of USD 1,394 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 -5.80% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 4.59x and price to book value (PBV) of 2.21x in 2018.