BRIEF: FinVolution revenue rises as global contribution grows
Online lender FinVolution Group (FINV.US) said on Monday its revenue rose 2.5% in the third quarter to 3.28 billion yuan ($453 million) year-on-year, as weakness in its home China market was offset by strong gains for its international business. The company also reported its net profit rose 10% to 624 million yuan from 566 million yuan a year earlier.
The company’s transaction volume for its core China operation rose 0.8% to 49.5 billion yuan, while its number of unique borrowers fell 13% to 2 million. The transaction volume for its international business rose by a faster 22.7% to 2.7 billion yuan, while its number of unique international borrowers rose 50.5% to 1.4 million.
Revenue from the company’s international business rose 8.7% year-on-year during the quarter to 636 million yuan, lifting international revenue to nearly one-fifth of the company’s total. FinVolution shares rose 7.5% in after-hours trading on Monday after it announced the results.
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