360 DigiTech Announces Third Quarter 2020 Unaudited Financial Results

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SHANGHAI, Nov. 19, 2020 (GLOBE NEWSWIRE) — 360 DigiTech, Inc. (QFIN) (“360 DigiTech” or the “Company”), a data driven, technology empowered digital platform, today announced its unaudited financial results for the third quarter ended September 30, 2020.Third Quarter Operational HighlightsTotal loan origination volume*1 was RMB66,000 million, representing an increase of 17.9% from RMB55,965 million in the same period of 2019. Loan origination volume under capital-light model within Platform Services was RMB16,908 million, an increase of 48.7% from RMB11,373 million in the same period of 2019.Total outstanding loan balance*2 was RMB84,214 million as of September 30, 2020, an increase of 19.3% from RMB70,568 million as of September 30, 2019. Outstanding loan balance under capital-light model within Platform Services was RMB21,453 million as of September 30, 2020, an increase of 97.2% from RMB10,877 million as of September 30, 2019.The weighted average tenor of loans*3 originated in the third quarter of 2020 was approximately 8.40 months, compared with 7.90 months in the same period of 2019, and 8.54 months in the second quarter of 2020.Cumulative registered users was 155.96 million, an increase of 23.8% from 126.00 million as of September 30, 2019, and an increase of 4.7% from 148.98 million as of June 30, 2020.Users with approved credit lines*4 was 29.28 million as of September 30, 2020, an increase of 28.3% from 22.83 million as of September 30, 2019, and an increase of 5.7% from 27.71 million as of June 30, 2020.Cumulative borrowers …

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