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Qudian’s Third-Quarter Net Profit More Than Quadruples as Microlending Surges

Chinese microlender Qudian Inc. reported that the total value of transactions in the third quarter was $3.8 billion, up 219% year-on-year. Photo: IC
Chinese microlender Qudian Inc. reported that the total value of transactions in the third quarter was $3.8 billion, up 219% year-on-year. Photo: IC

Qudian Inc., a leading Chinese microlender, reported Monday that its third-quarter net profit more than quadrupled on strong growth in borrowers seeking short-term loans to buy items as diverse as brand-name sneakers and concert tickets.

For the three months ended Sept. 30, the company posted net income of $97.8 million, up 322% from the third quarter a year ago. It reported revenue of $218.1 million in the same period, up 308% from a year earlier.

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