On May 25, Capital State learned that listed companies in US stocks$360 DigiTech Inc (QFIN.US) $Announced the results for the first quarter of 2022. According to the financial report, 360 DigiTech Inc's revenue in the first quarter was 4.32 billion yuan (the same as below), compared with 3.599 billion yuan in the same period in 2021, an increase of 20 percent over the same period last year; net profit was 1.174 billion yuan, compared with 1.347 billion yuan in the same period in 2021; diluted income per ADS belonging to shareholders was 7.36 yuan, compared with 8.44 yuan in the same period in 2021.
By business, 360 DigiTech Inc's revenue from credit-driven services in the first quarter was 2.92 billion yuan, compared with 2.45 billion yuan in the same period in 2021, an increase of 19 percent over the same period last year; revenue from platform services was 1.4 billion yuan, and 1.148 billion yuan in the same period in 2021, an increase of 18 percent over the same period last year.
As of March 31, 2022, the cumulative number of approved credit lines was 39.8 million, an increase of 21.7% from 32.7 million on March 31, 2021. The cumulative number of borrowers (including repeat borrowers) with successful withdrawals was 25 million, an increase of 19.0% from 21 million on March 31, 2021.
In the first quarter of 2022, financial institution partners issued 114.26 million loans through the platform; promoted and issued loans of 98.833 billion yuan, an increase of 33.3% over 74.149 billion yuan in the same period in 2021.
As of March 31, 2022, the 90-day loan plus delinquency rate of platform financial institutions was 2.40%.
360 DigiTech Inc pointed out in the financial report that in this quarter, the company further reduced the price of its products. In the first quarter, the average internal rate of return for large and small loans initiated through the platform was less than 4%.
The company also said that during the quarter, it would continue to expand its partnerships with financial institutions, especially with large banks covering the country, to ensure adequate sources of funding on competitive terms.
In accordance with the company's dividend policy, the company's board of directors has approved a dividend of $0.11 per common share or $0.22 per American depositary receipt per share for the first quarter of 2022, which is expected to be paid on July 27, 2022 to shareholders of record at the close of business on June 20, 2022.
360 DigiTech Inc expects the loan line to remain between 410 billion and 450 billion yuan in 2022, an increase of 15 percent over the same period last year.