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360 Finance Inc

Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income CNY mil 0.517 0.473 -0.744
Net Fee Income CNY mil 223 276 295
Other Income CNY mil 5.21 27.8 23.9
Total Revenues CNY mil 228 305 319
Operating Profit CNY mil 102 133 115
Provisions CNY mil 0 0 0
Net Profit CNY mil 86.5 107 90.0
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans CNY mil 0 0 0
Customer Loans CNY mil 573 920 1,623
Total Assets CNY mil 1,069 1,562 2,220
Shareholders' Equity CNY mil 646 773 862
Interbank Borrowing CNY mil 0 0 0
Customer Deposits CNY mil 0 0 0
Issued Debt Securities CNY mil 0 0 0
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 53.6 60.5 44.1
ROA % 32.4 32.6 19.0
Costs (As % Of Assets) % 47.4 52.1 43.0
Costs (As % Of Income) % 55.5 56.2 63.9
Net Interest Margin % 0.193 0.144 -0.157
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 5.55 4.91 4.48
Price/Book Value (P/BV) 2.98 2.46 1.97
Dividend Yield % 0 0 0
Earnings Per Share (EPS) USD 0.379 0.646 0.935
Book Value Per Share USD 2.83 2.58 2.84
Dividend Per Share USD 0 0 0

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summary Unit Dec 2018 Mar 2019 Jun 2019
income statement      
Net Interest Income CNY mil 0.517    
Total Revenues CNY mil 228    
Operating Profit CNY mil 102    
Net Profit CNY mil 86.5    
balance sheet      
Interbank Loans CNY mil 0    
Customer Loans CNY mil 573    
Debt Securities CNY mil 0    
Total Assets CNY mil 1,069    
Shareholders' Equity CNY mil 646    
Interbank Borrowing CNY mil 0    
Customer Deposits CNY mil 0    
Issued Debt Securities CNY mil 0    
ratios      
ROE % 53.6    
ROA % 32.4    
Costs (As % Of Assets) % 47.4    
Costs (As % Of Income) % 55.5    
Net Interest Margin % 0.193    
Interest Income (As % Of Revenues) % 0.226    
Fee Income (As % Of Revenues) % 97.5    
Equity (As % Of Assets) % 60.4    
Loans (As % Assets) % 53.6    
valuation      
Market Capitalisation (End Of Period) USD mil 1,922    
Number Of Shares (Average) mil 228    
Share Price (End Of Period) USD 8.42    
Earnings Per Share (EPS) USD 0.379    
Book Value Per Share USD 2.83    
Dividend Per Share USD 0    
Price/Earnings (P/E) 5.55    
Price/Book Value (P/BV) 2.98    
Dividend Yield % 0    
income statement Unit Dec 2018 Mar 2019 Jun 2019
income statement      
Interest Income CNY mil 0.517    
Interest Cost CNY mil 0    
Net Interest Income CNY mil 0.517    
Net Fee Income CNY mil 223    
Other Income CNY mil 5.21    
Total Revenues CNY mil 228    
Operating Cost CNY mil 127    
Operating Profit CNY mil 102    
Provisions CNY mil 0    
Extra and Other Cost CNY mil -0.085    
Pre-Tax Profit CNY mil 102    
Tax CNY mil 15.2    
Minorities CNY mil 0    
Net Profit CNY mil 86.5    
balance sheet Unit Dec 2018 Mar 2019 Jun 2019
balance sheet      
Cash CNY mil 210    
Interbank Loans CNY mil 0    
Customer Loans CNY mil 573    
Debt Securities CNY mil 0    
Fixed Assets CNY mil 0.999    
Total Assets CNY mil 1,069    
Shareholders' Equity CNY mil 646    
Of Which Minority Interest CNY mil 0    
Liabilities CNY mil 423    
Interbank Borrowing CNY mil 0    
Customer Deposits CNY mil 0    
Issued Debt Securities CNY mil 0    
Other Liabilities CNY mil 423    
ratios Unit Dec 2018 Mar 2019 Jun 2019
ratios      
ROE % 53.6    
ROA % 32.4    
Costs (As % Of Assets) % 47.4    
Costs (As % Of Income) % 55.5    
Net Interest Margin % 0.193    
Interest Spread % ...    
Asset Yield % 0.193    
Cost Of Liabilities % ...    
Payout Ratio % 0    
Interest Income (As % Of Revenues) % 0.226    
Fee Income (As % Of Revenues) % 97.5    
Other Income (As % Of Revenues) % 2.28    
Equity (As % Of Assets) % 60.4    
Loans (As % Assets) % 53.6    
Cost of Provisions (As % Of Loans) % 0    
other data Unit Dec 2018 Mar 2019 Jun 2019
other data      
On-balance Sheet Loans RMB mil 573    

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Finance

360 Finance Inc has been growing its revenues and asset by % and % a year on average in the last 3 years. Its loans and deposits have grown by % 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 24.2% in the last three years with net profit growing % 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.