Lender posts net profit rise

New York-listed online lending platform PPDai posted net profit growth of over 60 percent in the first quarter with an increased loan and user base.

In the first three months, net profit of the Shanghai-based firm reached 703.1 million yuan (US$104.8 million), a 60.7 percent growth year on year. 

Revenue increased by 53 percent to 1.46 billion yuan. Its loan origination volume, a key index in the industry, increased 54.5 percent to hit 19.1 billion yuan in the first quarter, a record high since 2017.

“The growth in loan origination volume shows that the demand for technology-driven consumer lending services remains strong,” said CEO Zhang Jun.

Firms such as PPDai seem to benefit from industry consolidation and opportunities in China's consumer lending industry, according to analysts.

In the first quarter, PPDai’s user base reached 93.9 million.