June 6 (NBD) -- Bank of Hangzhou Consumer Finance Company, a subsidiary of Bank of Hangzhou Co., Ltd. (600926.SH), reported losses for two straight years, losing 9.99 million yuan (1.6 million U.S. dollars) in 2016 and 34.6 million yuan (5.4 million U.S. dollars) in 2017.

Bank of Hangzhou Consumer Finance Company was incorporated jointly by several institutions, with Bank of Hangzhou taking a 41 percent stake in the consumer finance company and Spanish bank Banco Bilbao Vizcaya Argentaria holding 30 percent.

According to the incomplete statistics compiled by the peer-to-peer lending information portal wdzj.com, 29 out of 34 consumer finance companies achieved profits as of May 11 of 2018, and among all consumer finance companies backed by banks, Bank of Hangzhou Consumer Finance Company was the only one which lost money.

Email: gaohan@nbd.com.cn