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Lexin FinTech

Lexin's net profit rose 62.0% yoy to CNY 724 mil in 3Q2019

By Helgi Library - December 2, 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 70.1% yoy to 3.96% in 3Q2019

By Helgi Library - December 2, 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 42.6% yoy to 4.90 in 3Q2019

By Helgi Library - December 2, 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...

Annual Quarterly LTM
Profit Statement Mar 2019 Jun 2019 Sep 2019
Net Interest Income CNY mil 167 144 147
Net Fee Income CNY mil 837 1,253 1,945
Other Income CNY mil 27.9 50.0 0
Total Revenues CNY mil 1,032 1,447 2,091
Operating Profit CNY mil 539 799 1,174
Provisions CNY mil 175 233 379
Net Profit CNY mil 424 628 724
Balance Sheet Mar 2019 Jun 2019 Sep 2019
Interbank Loans CNY mil 210 785 1,296
Customer Loans CNY mil 5,114 5,235 4,327
Total Assets CNY mil 12,006 12,841 16,795
Shareholders' Equity CNY mil 4,720 5,242 6,023
Interbank Borrowing CNY mil 501 1,026 1,415
Customer Deposits CNY mil 0 0 0
Issued Debt Securities CNY mil 3,963 3,552 5,572
Ratios Mar 2019 Jun 2019 Sep 2019
ROE % 38.5 50.4 51.4
ROA % 13.9 20.2 19.6
Costs (As % Of Assets) % 16.1 20.9 24.8
Costs (As % Of Income) % 47.8 44.8 43.9
Net Interest Margin % 5.45 4.62 3.96
NPLs (As % Of Loans) % 2.90 3.00 ...
Valuation Mar 2019 Jun 2019 Sep 2019
Price/Earnings (P/E) 5.56 6.03 4.90
Price/Book Value (P/BV) 2.62 2.52 2.01
Earnings Per Share (EPS) CNY 6.15 6.03 6.66
Book Value Per Share CNY 13.1 14.4 16.3

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summary Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
income statement                              
Net Interest Income CNY mil                 527 612 456 291 167    
Total Revenues CNY mil                 808 1,178 1,104 1,209 1,032    
Operating Profit CNY mil                 514 815 720 737 539    
Net Profit CNY mil                 178 664 447 688 424    
balance sheet                              
Interbank Loans CNY mil ... ... ... ... ... ... ...   138 248 506 344 210    
Customer Loans CNY mil                 14,396 12,165 8,475 6,507 5,114    
Debt Securities CNY mil ... ... ... ... ... ... ...   22.7 18.8 176 186 192    
Total Assets CNY mil ... ... ... ... ... ... ...   17,188 15,099 12,501 12,471 12,006    
Shareholders' Equity CNY mil ... ... ... ... ... ... ...   1,927 2,450 2,816 4,107 4,720    
Interbank Borrowing CNY mil ... ... ... ... ... ... ...   838 1,024 1,236 771 501    
Customer Deposits CNY mil ... ... ... ... ... ... ...   0 0 0 0 0    
Issued Debt Securities CNY mil ... ... ... ... ... ... ...   13,126 9,917 6,499 4,804 3,963    
ratios                              
ROE % ... ... ... ... ... ... ...   39.2 121 67.9 79.5 38.5    
ROA % ... ... ... ... ... ... ...   4.46 16.4 13.0 22.1 13.9    
Costs (As % Of Assets) % ... ... ... ... ... ... ...   7.37 9.01 11.1 15.1 16.1    
Costs (As % Of Income) %                 36.4 30.9 34.8 39.1 47.8    
Net Interest Margin % ... ... ... ... ... ... ...   13.2 15.2 13.2 9.31 5.45    
Interest Income (As % Of Revenues) %                 65.3 51.9 41.3 24.0 16.2    
Fee Income (As % Of Revenues) %                 28.5 44.1 54.9 72.7 81.1    
Equity (As % Of Assets) % ... ... ... ... ... ... ...   11.2 16.2 22.5 32.9 39.3    
Loans (As % Assets) % ... ... ... ... ... ... ...   83.8 80.6 67.8 52.2 42.6    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... 3.00 2.60 2.80 2.60 2.90   ...
valuation                              
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ...   2,709 2,218 1,822 1,394 1,899    
Number Of Shares (Average) mil ... ... ... ... ... ... ...   361 362 367 360 362    
Share Price (End Of Period) CNY ... ... ... ... ... ... ...   48.8 39.9 32.3 25.2 34.2    
Earnings Per Share (EPS) CNY ... ... ... ... ... ... ...   1.00 2.79 3.79 5.49 6.15    
Book Value Per Share CNY ... ... ... ... ... ... ...   5.33 6.77 7.67 11.4 13.1    
Price/Earnings (P/E) ... ... ... ... ... ... ...   48.7 14.3 8.54 4.59 5.56    
Price/Book Value (P/BV) ... ... ... ... ... ... ...   9.15 5.90 4.21 2.21 2.62    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... 346 514    
Book Value Per Share Growth % ... ... ... ...         48.2 46.8 2.62 30.7 145    
income statement Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
income statement                              
Interest Income CNY mil                 784 875 664 460 309    
Interest Cost CNY mil                 257 263 208 170 142    
Net Interest Income CNY mil                 527 612 456 291 167    
Net Fee Income CNY mil                 230 520 607 879 837    
Other Income CNY mil                 50.3 46.6 41.4 39.6 27.9    
Total Revenues CNY mil                 808 1,178 1,104 1,209 1,032    
Operating Cost CNY mil                 294 364 384 472 493    
Operating Profit CNY mil                 514 815 720 737 539    
Provisions CNY mil                 290 264 165 84.2 175    
Extra and Other Cost CNY mil                 4.07 -7.66 33.5 -157 -146    
Pre-Tax Profit CNY mil                 219 558 522 810 510    
Tax CNY mil                 41.4 -105 74.7 121 85.5    
Minorities CNY mil                 0 0 0 0 0    
Net Profit CNY mil                 178 664 447 688 424    
Dividends CNY mil                 0 0 0 0 0    
growth rates                              
Net Interest Income Growth % ... ... ... ...         48.2 46.8 2.62 -33.1 -68.4    
Net Fee Income Growth % ... ... ... ...         664 3,225 871 332 264    
Total Revenue Growth % ... ... ... ...         84.9 146 101 74.8 27.8    
Operating Cost Growth % ... ... ... ...         35.1 38.1 33.5 57.5 67.6    
Operating Profit Growth % ... ... ... ...         134 279 175 88.1 4.95    
Pre-Tax Profit Growth % ... ... ... ...         144 1,393 280 286 132    
Net Profit Growth % ... ... ... ...         216 4,188 556 585 139    
balance sheet Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
balance sheet                              
Cash CNY mil ... ... ... ... ... ... ...   1,479 1,230 1,443 2,415 2,994    
Interbank Loans CNY mil ... ... ... ... ... ... ...   138 248 506 344 210    
Customer Loans CNY mil                 14,396 12,165 8,475 6,507 5,114    
Debt Securities CNY mil ... ... ... ... ... ... ...   22.7 18.8 176 186 192    
Total Assets CNY mil ... ... ... ... ... ... ...   17,188 15,099 12,501 12,471 12,006    
Shareholders' Equity CNY mil ... ... ... ... ... ... ...   1,927 2,450 2,816 4,107 4,720    
Of Which Minority Interest CNY mil ... ... ... ... ... ... ...   0 0 0 0 0    
Liabilities CNY mil ... ... ... ... ... ... ...   15,261 12,648 9,684 8,364 7,287    
Interbank Borrowing CNY mil ... ... ... ... ... ... ...   838 1,024 1,236 771 501    
Customer Deposits CNY mil ... ... ... ... ... ... ...   0 0 0 0 0    
Issued Debt Securities CNY mil ... ... ... ... ... ... ...   13,126 9,917 6,499 4,804 3,963    
Other Liabilities CNY mil ... ... ... ... ... ... ...   1,297 1,707 1,950 2,789 2,822    
growth rates                              
Customer Loan Growth % ... ... ... ...         63.2 21.0 -23.6 -44.7 -64.5    
Total Asset Growth % ... ... ... ... ... ... ... ... ... ... ... -15.3 -30.1    
Shareholders' Equity Growth % ... ... ... ... ... ... ... ... ... ... ... 141 145    
ratios Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
ratios                              
ROE % ... ... ... ... ... ... ...   39.2 121 67.9 79.5 38.5    
ROA % ... ... ... ... ... ... ...   4.46 16.4 13.0 22.1 13.9    
Costs (As % Of Assets) % ... ... ... ... ... ... ...   7.37 9.01 11.1 15.1 16.1    
Costs (As % Of Income) %                 36.4 30.9 34.8 39.1 47.8    
Net Interest Margin % ... ... ... ... ... ... ...   13.2 15.2 13.2 9.31 5.45    
Interest Spread % ... ... ... ... ... ... ... ... 12.4 14.1 11.8 7.22 2.83    
Asset Yield % ... ... ... ... ... ... ...   19.7 21.7 19.3 14.7 10.1    
Cost Of Liabilities % ... ... ... ... ... ... ... ... 7.27 7.55 7.45 7.52 7.27    
Payout Ratio % ... ... ...           0 0 0 0 0    
Interest Income (As % Of Revenues) %                 65.3 51.9 41.3 24.0 16.2    
Fee Income (As % Of Revenues) %                 28.5 44.1 54.9 72.7 81.1    
Other Income (As % Of Revenues) %                 6.23 3.95 3.75 3.28 2.71    
Equity (As % Of Assets) % ... ... ... ... ... ... ...   11.2 16.2 22.5 32.9 39.3    
Loans (As % Assets) % ... ... ... ... ... ... ...   83.8 80.6 67.8 52.2 42.6    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... 3.00 2.60 2.80 2.60 2.90   ...
Cost of Provisions (As % Of Loans) %                 8.88 7.95 6.39 4.49 12.0    
other data Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
other data                              
Employees ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
Clients mil ... ... ...           26.4 29.2 32.6 37.3 42.2    
Total Loan Book CNY mil                 21,300 24,700 25,800 32,400 35,000    
On-balance Sheet Loans CNY mil                 14,396 12,165 8,475 6,507 5,114    
Off-balance Sheet Loans CNY mil                 6,904 12,535 17,325 25,893 29,886    
Off-balance Sheet Loans (As % of Total) %                 32.4 50.7 67.2 79.9 85.4    
On-balance Sheet Loans (As % of Total) %                 67.6 49.3 32.8 20.1 14.6    
Average Tenor months ... ... ... ... ... ... ... ... 11.5 12.8 13.6 14.2 12.5    
Average APR % ... ... ... ... ... ... ...   23.4 25.7 23.2 25.8 26.2    
Outstanding Loan per Borrower (Calculated) CNY ... ... ...           2,598 2,775 2,688 3,086 3,017    
Loan Facilitation Income (As % of Off BS Loans) % ...               2.86 5.01 3.74 3.82 2.82    
Loss of Guarantee Liability (As % of off-BS Loans) % ...               0.202 1.31 -0.968 -1.48 0.322    
Cost of Risk (incl. Off BS Loans) %                 5.72 4.59 2.61 1.16 2.08    
Equity (As % of Off- and On BS Loans) % ... ... ... ... ... ... ...   9.05 9.92 10.9 12.7 13.5    
90 day+ deliquency ratio % ... ... ... ... ... ... ...   1.44 1.39 1.36 1.41 1.42    
Revenue per Client CNY ... ... ...           98.5 132 115 115 89.0    
Operating Profit per Client CNY ... ... ...           62.7 91.5 75.0 70.2 46.5    
Pre-Tax Profit per Client CNY ... ... ...           26.7 62.8 54.4 77.1 44.0    
Loan Origination (Total) CNY mil                 14,800 16,600 13,700 21,000 20,100    
Average Size of Transaction CNY                 5,692 6,148 4,893 7,000 6,281    
Loan Facilitation & Servicing Fee CNY mil                 206 487 558 825 786    
Processing and Servicing Cost CNY mil                 65.9 71.2 82.5 104 117    
Provision for Credit Losses of Contract Assets and Service Fees Receivable CNY mil                 3.62 7.31 -47.9 15.5 22.5    
Profit on Off-Balance Sheet Loans CNY mil                 136 409 523 705 647    
Volume of Off-Balance Sheet Loans CNY mil                 6,904 12,535 17,325 25,893 29,886    
Profit on Off-Balance Sheet Loans (As % of Off-Balance Sheet Loans) % ...               1.89 4.21 3.51 3.26 2.32    
Profit on Off-Balance Sheet Loans (As % of Pre-Tax Profit) %                 62.2 73.2 100 87.0 127    

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Lexin's net interest income fell 67.8% yoy to CNY 147 mil in 3Q2019

By Helgi Library - December 2, 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) rose 59.2% yoy to 35.9% in 3Q2019

By Helgi Library - December 2, 2019

Lexin FinTech's Equity reached of total assets in the 3Q2019, up from 64.4% 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 Library - December 2, 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) rose 1.01% yoy to CNY in 3Q2019

By Helgi Library - December 2, 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 ...

More News

Lexin FinTech Logo

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 % 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 % 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.

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