VCredit Holdings

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 992 1,788 1,761
Net Fee Income CNY mil 55.0 83.9 270
Other Income CNY mil 386 834 705
Total Revenues CNY mil 1,433 2,706 2,736
Operating Profit CNY mil -350 347 101
Provisions CNY mil 271 1,292 1,049
Net Profit CNY mil -565 -1,003 -1,027
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 0 0 0
Customer Loans CNY mil 6,219 11,480 8,863
Total Assets CNY mil 7,132 13,437 11,678
Shareholders' Equity CNY mil -810 -1,509 2,785
Interbank Borrowing CNY mil 0 0 0
Customer Deposits CNY mil 0 0 0
Issued Debt Securities CNY mil 5,898 11,063 8,131
Ratios 2016 2017 2018
ROE % 115 86.5 -161
ROA % -9.94 -9.75 -8.18
Costs (As % Of Assets) % 31.3 22.9 21.0
Costs (As % Of Income) % 124 87.2 96.3
Net Interest Margin % 17.4 17.4 14.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil ... ... 427
Share Price (End Of Period) CNY ... ... 8.39
Price/Book Value (P/BV) ... ... 1.06
Earnings Per Share (EPS) CNY ... -6.96 -2.93
Book Value Per Share CNY ... -10.5 7.95

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summary Unit 2015 2016 2017 2018
income statement        
Net Interest Income CNY mil 763 992    
Total Revenues CNY mil 1,063 1,433    
Operating Profit CNY mil -152 -350    
Net Profit CNY mil -303 -565    
balance sheet        
Interbank Loans CNY mil 0 0    
Customer Loans CNY mil 3,808 6,219    
Total Assets CNY mil 4,242 7,132    
Shareholders' Equity CNY mil -170 -810    
Interbank Borrowing CNY mil 0 0    
Customer Deposits CNY mil 0 0    
Issued Debt Securities CNY mil 3,240 5,898    
ratios        
ROE % 178 115    
ROA % -7.15 -9.94    
Costs (As % Of Assets) % 28.7 31.3    
Costs (As % Of Income) % 114 124    
Net Interest Margin % 18.0 17.4    
Interest Income (As % Of Revenues) % 71.8 69.2    
Fee Income (As % Of Revenues) % 3.27 3.84    
Equity (As % Of Assets) % -4.01 -11.4    
Loans (As % Assets) % 89.8 87.2    
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 ... ...    
Price/Book Value (P/BV) ... ... ...  
Earnings Per Share Growth % ... ... ...  
Book Value Per Share Growth % ... ... ...  
income statement Unit 2015 2016 2017 2018
income statement        
Interest Income CNY mil 1,063 1,433    
Interest Cost CNY mil 300 441    
Net Interest Income CNY mil 763 992    
Net Fee Income CNY mil 34.8 55.0    
Other Income CNY mil 265 386    
Total Revenues CNY mil 1,063 1,433    
Operating Cost CNY mil 1,215 1,783    
Operating Profit CNY mil -152 -350    
Provisions CNY mil 147 271    
Extra and Other Cost CNY mil 0 0    
Pre-Tax Profit CNY mil -299 -621    
Tax CNY mil 4.17 -56.0    
Minorities CNY mil 0 0    
Net Profit CNY mil -303 -565    
growth rates        
Net Interest Income Growth % ... 30.0    
Net Fee Income Growth % ... 58.2    
Total Revenue Growth % ... 34.8    
Operating Cost Growth % ... 46.7    
Operating Profit Growth % ... 130    
Pre-Tax Profit Growth % ... 108    
Net Profit Growth % ... 86.4    
market share        
Market Share in Revenues % 0.023 0.030   ...
balance sheet Unit 2015 2016 2017 2018
balance sheet        
Cash CNY mil 208 382    
Interbank Loans CNY mil 0 0    
Customer Loans CNY mil 3,808 6,219    
Fixed Assets CNY mil 53.6 52.7    
Total Assets CNY mil 4,242 7,132    
Shareholders' Equity CNY mil -170 -810    
Of Which Minority Interest CNY mil 0 0    
Liabilities CNY mil 4,411 7,941    
Interbank Borrowing CNY mil 0 0    
Customer Deposits CNY mil 0 0    
Issued Debt Securities CNY mil 3,240 5,898    
Other Liabilities CNY mil 1,172 2,043    
growth rates        
Customer Loan Growth % ... 63.3    
Total Asset Growth % ... 68.1    
Shareholders' Equity Growth % ... 377    
market share        
Market Share in Customer Loans % 0.004 0.005    
Market Share in Total Assets % 0.002 0.003    
Market Share in Customer Deposits % 0 0    
ratios Unit 2015 2016 2017 2018
ratios        
ROE % 178 115    
ROA % -7.15 -9.94    
Costs (As % Of Assets) % 28.7 31.3    
Costs (As % Of Income) % 114 124    
Net Interest Margin % 18.0 17.4    
Interest Spread % ... 18.1    
Asset Yield % 25.1 25.2    
Cost Of Liabilities % ... 7.14    
Interest Income (As % Of Revenues) % 71.8 69.2    
Fee Income (As % Of Revenues) % 3.27 3.84    
Other Income (As % Of Revenues) % 25.0 27.0    
Equity (As % Of Assets) % -4.01 -11.4    
Loans (As % Assets) % 89.8 87.2    
Cost of Provisions (As % Of Loans) % 3.85 5.41    
other data Unit 2015 2016 2017 2018
other data        
Employees ... ... ...  
On-balance Sheet Loans RMB mil 3,808 6,219    

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Finance

VCredit Holdings has been growing its revenues and asset by 37.0% and 40.2% a year on average in the last 3 years. Its loans and deposits have grown by 32.5% 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 13.7% in the last three years with net profit growing 50.2% a year on average. In terms of operating efficiency, its cost to income ratio reached 96.3% in 2018, compared to 103% average in the last three years.

Equity represented 23.8% of total assets or 31.4% of loans at the end of 2018. VCredit Holdings's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

VCredit Holdings stock traded at CNY 8.39 per share at the end of 2018 resulting in a market capitalization of USD 427 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 13.7% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of x and price to book value (PBV) of 1.06x in 2018.

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