PPDai posts net profit growth
New York-listed PPDai, an online financial platform in Shanghai, posted a slight increase in net profit in the second quarter, despite a "dynamic and volatile” market environment, the company said on Tuesday.
PPDai attributed the growth to booming loan volumes and a larger user base.
In the second quarter, PPDai’s net profit reached 660.5 million (US$96.2 million), an 8.7-percent growth year on year, and there were around 99 million registered users. Loan volume in the quarter was 21.6 billion yuan, 28.9 percent up compared with the same period in 2018.
"Our solid growth momentum, amidst a dynamic and volatile market environment, illustrates the sustained demand for technology-driven consumer finance services in China,” said Zhang Jun, the company's chairman and co-CEO.
PPDai also invests heavily in big data and AI, which have been adopted in all business processes. In the second quarter, it invested 101.6 million yuan in research, a 30-percent growth from a year ago.