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Wins Finance Holdings reports Q3 FY2016 net income of USD0.2m.

BANKING AND CREDIT NEWS-May 31, 2016-Wins Finance Holdings reports Q3 FY2016 net income of USD0.2m

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Wins Finance Holdings Inc. (NASDAQ: WINS) has reported fiscal third quarter 2016 net income of USD0.2 million, compared to USD8.5 million for the same period ended March 31, 2015, a decrease of 97.3 percent, the company said.

Revenues were USD2.5 million, compared to USD4.5 million for the comparable period last year.

Interest on short-term investments decreased by USD1.9 million to USD3.5 million for the quarter ended March 31, 2016, compared to USD5.4 million for the same period ended March 31, 2015.

Non-interest expenses increased by USD1.8 million, or 248.1 percent, to USD2.5 million for the quarter ended March 31, 2016, compared to USD0.7 million for the same period ended March 31, 2015.

On March 21, 2016, JinzhongBank Co., Ltd. withdrew USD0.9 million (RMB 6 million) for interest and penalties from the company's deposit account for the default payment of a loan of USD4.7 million (RMB 30 million) borrowed by Jinzhong Houfeng Trading Co., Ltd., one of the company's clients in its guarantee business. The company evaluated the potential default losses based on Jinzhong Houfeng Trading Co., Ltd.'s financial position and counter-guarantee collateral and accrued about USD3.2 million as provision of guarantee losses.

Wins Finance is a diversified investment and asset management company that provides integrated financing solutions to small and medium enterprises in China.

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Publication:M2 Banking & Credit News (BCN)
Article Type:Financial report
Date:May 31, 2016
Words:265
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