CNFinance Announces Fourth Quarter Earnings
CNFinance Holdings Ltd. (NYSE: CNF), a Chinese home equity loan facilitator spun off from Fanhua Inc. (Nasdaq: FANH), announced its fourth quarter earnings after the markets closed on Monday.
The Shenzhen-based company saw its total interest and fee income for the fourth quarter drop 2.7 percent to $151.2 million from $155.4 million year-over-year. The company said it was because of a slight decrease in the income from subordinated units of trust plans. The company's net income was $27.4 million, or 39 cents per fully diluted ADS in the fourth quarter, a 7 percent increase from a year earlier.
"The fourth quarter was challenging for us and the entire industry as China'smacroeconomic environment softened," commented Bin Zhai, chairman and CEO of CNFinance. "We remain optimistic about future prospects and are now focused on strengthening our risk assessment capabilities, enhancing asset quality, and optimizing our workforce."
Looking ahead, the company said it expected net income for the next quarter to be between 100 million yuan and 150 million yuan.
Shares of CNFinance closed at $6.30 per share Monday, up 9 cents.
On a separate note, CNFinance today also announced the appointment of Xi Wang as an independent director, effective March 12, 2019. Wang, a professor at Lingnan (University) College, will replace Linbin Zhou and serve as a member of the audit committee and the nominating and corporate governance committee of the board of directors.
"Dr. Wang's experience and expertise in China's economy and banking and monetary policy will benefit us as we work to expand our home equity loan services to serve more micro- and small-enterprises owners," said Bin Zhai. "I look forward to working with him closely."
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