Sichuan-based online lender XWBank has posted a YoY surge in net profits in the first half of 2019.
Supermarket chain Chengdu Hongqi’s (红旗连锁) financial report for the first half of 2019 indicates that XWBank, in which Chengdu Hongqi is a key shareholder, saw operating revenues of 1.152 billion yuan during the period, while net profits were 467 million yuan.
Operating revenues in the first half rose 121% compared to the 521 million yuan posted by XWBank during the same period last year, while net profits rose 224% compared to last year’s reading of 144 million yuan.
XWBank was founded in December 2016, and is the first private bank in Sichuan province as well as the seventh in China. The lender is also the third internet bank to make its debut in China, following on the heels of Tencent’s WeBank and Alibaba’s MyBank.
XWBank’s registered capital is 3 billion yuan, and its founding shareholders include Chengdu Hongqi, New Hope Group (新希望集团) and smartphone giant Xiaomi.
In the nearly three years of operation since its establishment XWBank has provided its services to over 25 million consumers, making a total of 84.7 million loans worth over 270 billion yuan.
XWBank has indicated that nearly 80% of its customers are situated in third or fourth-tier cities or rural county areas.