China Lending Corporation Reports Record Revenue And Net Income For The 2016 Nine-Month Reporting Period

China Lending Corporation (NASDAQ: CLDC; CLDCW) ("China Lending" or the "Company"), a leading non-bank direct lending corporation servicing micro, small and medium sized enterprises (MSME), currently underserved by commercial banks in China, today reported its financial results for the three and nine month periods ending September 30, 2016.

Third Quarter 2016 vs. Third Quarter 2015
  • Total interest and fee income (revenue) increased 51.6% to $9.0 million from $5.9 million.
  • Total interest expense was $1.2 million compared to $1.0 million.
  • Net interest income increased 33.9% to $6.0 million, compared to $4.5 million.
  • Net income increased 34.6% to $3.9 million, compared to $2.9 million.
  • Earnings per basic share to ordinary shareholders increased 74% to $0.25, compared to $0.14, mainly due to higher net interest income and the 24.6% decrease in the total number of basic shares outstanding for the period.
  • Earnings per diluted share to ordinary shareholders increased 60.1% to $0.23, compared to $0.14, mainly due to higher net interest income and the 20.9% decrease in the total number of diluted shares outstanding for the period.

Nine Months 2016 vs. Nine Months 2015
  • Total interest and fee income (revenue) increased 36.5% to $26.9 million from $19.7 million.
  • Interest expense was $3.9 million compared to $2.6 million.
  • Net interest income increased 21.2% to $19.5 million, compared to $16.1 million.
  • Net income increased 31.4% to $13.7 million, compared to $10.4 million.
  • Earnings per basic share to ordinary shareholders increased 41.8% to $0.74, compared to $0.52, mainly due to higher net interest income and the 8.3% decrease in the total number of basic shares outstanding for the period.
  • Earnings per diluted share to ordinary shareholders increased 34.1% to $0.70, compared to $0.52, mainly due to higher net interest income and the 3.6% decrease in the total number of diluted shares outstanding for the period.

As of September 30, 2016
  • Registered capital was $127.7 million.
  • Total assets were $158.7 million.
  • Total liabilities were $41.1 million.

Jingping Li, Co-Founder & CEO of China Lending, stated, "Our revenue and net income for the 2016 nine-month period increased to a record level, which is an indication of the strength of our business across all segments. The 36.5% increase in revenue for the 2016 nine-month period as compared to same period of last year was due to the continued growth in funding demand in the region, additional funds obtained to serve more customers, higher utilization rate of funds due to the scientific risk analysis and control system designed by our team, and higher interest lending rates supported by China's government policies. Also a major revenue contributor for the 2016 nine-month period was our consulting and credit risk analysis business segment, which we launched in August of 2015. This newly established segment not only supports our core non-bank lending business and due diligence efforts in Xinjiang, but most importantly is offering us significant expansion opportunities beyond the province through syndicated loans in cooperation with locally based non-bank lenders."

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