CNFinance Holdings Ltd

NYSE:CNFUnited States

Mar 28, 2024

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• CNFinance Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results, from 6:15AM ET on Thursday Mar 28, 2024 by PR Newswire

  6:15AM ET on Thursday Mar 28, 2024 by PR Newswire
  Companies Mentioned: CNF

  CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the "Company"), a leading home equity loan service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.

• CNFinance Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results, from 6:15AM ET on Thursday Mar 28, 2024 by Dow Jones

  6:15AM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: CNF
  ------------ ---------- --------- Non-controlling interests 51,720 - - Total shareholders' equity 3,937,714 4,008,927 564,646 ============ ========== ========= Total liabilities and shareholders' equity 14,481,920 16,347,201 2,302,456 ============ ========== ========= CNFINANCE HOLDINGS LIMITED Unaudited condensed consolidated statements of comprehensive income (In thousands, except for earnings per share and earnings per ADS) Fiscal year ended December 31, ----------------------------------- 2022 2023 2023 ----------- ---------- ---------- RMB RMB US$ Interest and fees income Interest and financing service fees on loans 1,596,270 1,600,471 225,422 Interest income charged to sales partners 122,019 134,542 18,950 Interest on deposits with banks 13,064 19,582 2,758 Total interest and fees income 1,731,353 1,754,595 247,130 ---------- ---------- ---------- Interest expenses on interest-bearing borrowings (784,777) (723,081) (101,844) Total interest and fees expenses (784,777) (723,081) (101,844) ---------- ---------- ---------- Net interest and fees income 946,576 1,031,514 145,286 ---------- ---------- ---------- Net revenue under the commercial bank partnership model 57,551 87,936 12,386 Collaboration cost for sales partners (320,827) (343,508) (48,382) Net interest and fees income after collaboration cost 683,300 775,942 109,290 Provision for credit losses (238,085) (183,191) (25,802) ---------- ---------- ---------- Net interest and fees income after collaboration cost and provision for credit losses 445,215 592,751 83,488 ---------- ---------- ---------- Realized gains on sales of investments, net 20,567 6,548 922 Net losses on sales of loans (44,555) (17,191) (2,421) Other gains, net 89,914 4,849 683 ---------- ---------- ---------- Total non-interest income 65,926 (5,794) (816) ---------- ---------- ---------- Operating expenses Employee compensation and benefits (197,036) (204,573) (28,814) Share-based compensation expenses (5,774) (7,517) (1,059) Taxes and surcharges (35,891) (31,344) (4,415) Operating lease cost (13,967) (16,367) (2,305) Other expenses (85,889) (121,521) (17,116) ---------- ---------- ---------- Total operating expenses (338,557) (381,322) (53,709) ---------- ---------- ---------- Income before income tax expense 172,584 205,635 28,963 Income tax expense (37,233) (41,017) (5,777) ---------- ---------- ---------- Net income 135,351 164,618 23,186 ========== ========== ========== Earnings per share Basic 0.10 0.12 0.02 Diluted 0.09 0.11 0.02 Earnings per ADS (1 ADS equals 20 ordinary shares) Basic 1.97 2.40 0.34 Diluted 1.77 2.28 0.32 Other comprehensive Income Foreign currency translation adjustment 15,182 867 122 ========== ========== ========== Comprehensive income 150,533 165,485 23,308 ========== ========== ========== Less: net income attributable to non-controlling interests 970 19,377 2,729 Total comprehensive income attributable to ordinary shareholders 149,563 146,108 20,579 ========== ========== ========== CNFINANCE HOLDINGS LIMITED Unaudited condensed consolidated statements of comprehensive income (In thousands, except for earnings per share and earnings per ADS) Three months ended December 31, ------------------------------------ 2022 2023 2023 ----------- ------------ --------- RMB RMB US$ Interest and fees income Interest and financing service fees on loans 417,712 405,177 57,068 Interest income charged to sales partners 32,518 35,865 5,051 Interest on deposits with banks 4,308 4,119 581 Total interest and fees income 454,538 445,161 62,700 ---------- ------------ --------- Interest expenses on interest-bearing borrowings (201,187) (187,181) (26,364) Total interest and fees expenses (201,187) (187,181) (26,364) ---------- ------------ --------- Net interest and fees income 253,351 257,980 36,336 ---------- ------------ --------- Net revenue under the commercial bank partnership model 56,283 10,254 1,444 Collaboration cost for sales partners (79,664) (91,030) (12,821) Net interest and fees income after collaboration cost 229,970 177,204 24,959 Provision for credit losses (142,662) (42,055) (5,923) ---------- ------------ --------- Net interest and fees income after collaboration cost and provision for credit losses 87,308 135,149 19,036 ---------- ------------ --------- Realized gains/(losses) on sales of investments, net 3,633 (176) (25) Net losses on sales of loans (1,344) (11,570) (1,630) Other gains/(losses), net 24,593 (11,142) (1,569) ---------- ------------ --------- Total non-interest income 26,882 (22,888) (3,224) ---------- ------------ --------- Operating expenses Employee compensation and benefits (55,614) (52,047) (7,331) Share-based compensation expenses (1,444) (7,517) (1,059) Taxes and surcharges (11,068) (6,409) (903) Operating lease cost (3,202) (3,932) (554) Other expenses (12,860) (26,864) (3,783) ---------- ------------ --------- Total operating expenses (84,188) (96,769) (13,630) ---------- ------------ --------- Income before income tax expense 30,002 15,492 2,182 Income tax expense/(benefit) (1,866) 3,005 423 ---------- ------------ --------- Net income 28,136 18,497 2,605 ========== ============ ========= Earnings per share Basic 0.02 0.01 0.00 Diluted 0.02 0.01 0.00 Earnings per ADS (1 ADS equals 20 ordinary shares) Basic 0.41 0.27 0.04 Diluted 0.37 0.26 0.04 Other comprehensive income Foreign currency translation adjustment (3,566) (8,533) (1,202) ========== ============ ========= Comprehensive income 24,570 9,964 1,403 ========== ============ ========= Less: net income attributable to non-controlling interests 970 1,486 209 Total comprehensive income attributable to ordinary shareholders 23,600 8,478 1,194 ========== ============ =========