PPDAI Group Inc. (NYSE:PPDF) Q1 2019 Earnings Conference Call Transcript
May 15, 2019 • 08:00 am ET
Hello, ladies and gentlemen. Thank you for participating in the First Quarter 2019 Earnings Conference Call for PPDAI Group Incorporated also known as Paipaidai. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded.
I would now like to turn the conference over to your host, Mr. Jimmy Tan, Investor Relations Director for the Company. Jimmy, please go ahead.
Hello, everyone and welcome to PPDAI's first quarter 2019 earnings conference call. The Company's results were issued via Newswire services earlier today and are posted online. You can download the earnings release and sign up for the Company's distribution list by visiting the IR section of our website at ir.paipaidai.com. Mr. Feng Zhang, our Co-Chief Executive Officer; and Mr. Simon Ho, our Chief Financial Officer will start the call with their prepared remarks and conclude with a Q&A session.
During this call, we will be referring to several non-GAAP financial measures to review and asses our operating performance. These non-GAAP financial measurements are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP. For information about these non-GAAP measures and a reconciliation to GAAP measures, please refer to our earnings press release.
Before we continue, please note that today's discussions will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the Company's results maybe materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the Company's filings with the US Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements except as required under applicable law. Finally, we posted a slide presentation on our IR website providing details of our results for the quarter.
I will now turn the call over to our Co-CEO, Mr. Feng. Please go ahead.
Hello everyone, and thank you for joining us today. Cliff, our Chairman and Co-CEO is traveling and he is unable to make today's call. So I will be combining our remarks this time around. As we continue successfully executing our management strategy, we are pleased to report another solid quarter as the leading online consumer finance marketplace in China. Performance wise, we delivered strong financials to start of fiscal 2019.
To illustrate in the first quarter, operating revenues increased by 53% year-over-year and 21% quarter-over-quarter to RMB1.46 billion, and net profit increased 61% year-over-year to RMB703 million. Our dedicated team has made excellent progress in driving revenue growth and enhancing profitability. The consecutive growth in loan volume further demonstrates the solid market demand for technology driven consumer lending services. We've also grown our user and borrower base at a steady pace as cumulative registered users reached 94 million and the number of cumulative borrowers reached 15.4 million at the end