Online Lender XWBank Posts 205.4% Growth in Net Profits in 2019
Sichuan-based direct lender XWBank has seen a surge in profitability in 2019.
As of the end of 2019 XWBank’s total assets were 44.236 billion yuan, while its total liabilities 39.94 billion yuan. It posted operating revenues of 2.667 billion yuan, for YoY growth of 99.77%, while net profits were 1.124 billion yuan, for YoY growth of 205.4%.
“In 2019 all of XWBank’s operations were stable and positive in growth,” said XWBank president Zhao Weixing (赵卫星).
“As a private bank our focus is the micro and small demographic, continuing to expand lending support for private micro and small enterprises and individual industrial and commercial registrants.”
According to Zhao as of the end of 2019 XWBank’s financial inclusion MSE loan balance had grown by 94.28% compared to the start of the year, 64.64 percentage points had of growth in all lending across the Chinese banking sector.
XWBank’s MSE loan clients totalled 14,657, for an increase of 11,175 compared to the start of the year.
The direct bank’s capital adequacy ratio was 15.11% at the end of 2019, while its provision coverage ratio was 513.83%, and its non-performing loan ratio was 0.61%.
According to the China Banking and Insurance Regulatory Commission (CBIRC) the Chinese banking sector’s average NPL stood at 1.86% in 2019.
XWBank has ambitious interbank fund-raising plans for 2020. According to data released by the National Interbank Funding Centre XWBank’s “2020 Interbank Certificate of Deposit Plan” outlines an issuance sum of 3.4 billion yuan.