WE Financial Report | Xiaomi Consumer Finance's net profit of 93.196 million yuan in the first half of the year, total assets of 9.661 billion yuan

Produced | WEMONEY Research Room

Wen | Liu Shuangxia

On August 25, the Chongqing Rural Commercial Bank semi -annual report disclosed the performance data of Chongqing Xiaomi Consumer Finance in the first half of the year.

Data show that as of the end of the second quarter, Xiaomi's total assets of consumer finance were 9.661 billion yuan and net assets were 1.412 billion yuan. It is worth noting that the total assets of Xiaomi Consumer Finance increased by 52.96%from the end of 2021.

In the first half of the year, Xiaomi's consumer finance realized net profit of 93.196 million yuan. This profit level achieved a large breakthrough.

Xiaomi Consumer Finance made a profit in half a year in 2020 and achieved net profit of 1.094 million yuan. The annual net profit of 2021 was 3.68 million yuan.

According to disclosure, as of June 2022, the company issued a total of more than 3 billion loans, the balance of loans increased by 236%compared with the beginning of the year, and the cumulative service groups exceeded 2.6 million.

Xiaomi Consumer Finance is the second licensed consumer finance company in Chongqing. It was established in May 2020 with a registered capital of 1.5 billion yuan. The company holds 30%of the shares, Chongqing Jinshan Holdings (Group) Co., Ltd. holds 10%, Chongqing Dishun Electric (Group) Co., Ltd. holds 9.8%, and Chongqing Jindong Jetai Winlai Electrical Market Co., Ltd. holds 0.2%.

In terms of funding channels, in May this year, Xiaomi Consumer Finance was officially approved to enter the market for borrowing markets across the country. Earlier, the company landed in February this year's first phase of 680 million yuan of foreign bank loans, setting a record of the fastest raising lending loan after the establishment of a domestic consumer finance company.

According to media reports, before, the then president Zhou Bin said that if Xiaomi consumer finance is profitable this year, it is to make a three -year profit after opening, so you can get ABS qualifications. He said that if Xiaomi consumer finance has successfully obtained ABS qualifications, it will become the fastest consumer finance company in China.

However, recently Xiaomi Consumer Finance has ushered in the new president. On August 9th, Ji Chunjiang was qualified as president of Xiaomi Consumer Finance. Ji Chunjiang is CRO of Tianxing Division. Before joining Credit, Ji Chunjiang served as senior vice president and executive director of the Risk Management Department of Citi Bank and Morgan Chase Bank.

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