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Finance

Weidai 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 41.6% in the last three years with net profit growing % a year on average. In terms of operating efficiency, its cost to income ratio reached 63.3% in 2018, compared to 67.4% average in the last three years.

Equity represented 35.1% of total assets or 116% of loans at the end of 2018. Weidai's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

Weidai stock traded at CNY 88.1 per share at the end of 2018 resulting in a market capitalization of USD 652 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 41.6% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.46x and price to book value (PBV) of 2.02x in 2018.