Wednesday, May 18, 2022

CNFinance Holdings Ltd. (CNF) stock fell during after-hours, despite any current update.

CNFinance Holdings Ltd. (NASDAQ: CNF) stock declined by 20.27% in the after-hours trading session. CNFinance Holdings Limited is a significant provider of home equity loans in China. CNFinance works with sales partners and trust firm partners to do business.


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CNF stock’ Recent Past Development

Almost a month ago, CNFinance Holdings announced its financial results for the third quarter of 2021.

  • For Q3 2021, total loan origination volume was RMB3,117.5 million (US$480.7 million), whereas it was RMB3,093.4 million in the same period of 2020.
  • As of September 30, 2021, the total outstanding loan principle was RMB11.1 billion (US$1.7 billion), up from RMB9.7 billion as of December 31, 2020.
  • For Q3 2021, the total interest and fees income was calculated as 0 million (US$70.5 million), down from RMB476.0 million in the same period of 2020.
  • In the third quarter of 2021, net income was RMB19.0 million (US$2.9 million), down from RMB50.1 million in the same period of 2020.
  • For the third quarter of 2021, basic and diluted earnings per ADS were RMB0.28 (US$0.04) and RMB0.25 (US$0.04), respectively, compared to RMB0.73 and RMB0.67, respectively, in the same period of 2020.

Mr. Bin Zhai, CEO and Chairman of CNFinance stated that,


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The loan facilitation business held steady in the third quarter of 2021, following a strong first half. The strong business activities of micro- and small-enterprises (MSEs) led to a rise in capital requirements in the third quarter. To satisfy this demand, the skilled and devoted team handled over 5,000 borrowers using their quick and visually appealing online system.

Future Outlook

The amount to which the COVID-19 outbreak affects the Firm’s performance of the business will be determined by future developments of the pandemic in China and across the world, which are unpredictable and susceptible to change. Based on facts known as of the date of this news release, the Company plans to dispose of some non-performing loans in the fourth quarter of 2021 to strengthen the overall loan portfolio, with a net loss of between RMB80 million and RMB100 million.

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