(Yicai Global) Nov. 13 -- Chinese peer-to-peer lending platform Qudian Inc. [NYSE:QD] has been widely criticized for its contentious profit model since its initial public offering last month, but the firm's net profit swelled an impressive 321.8 percent on the year to CNY650.7 million (USD97.8 million) in the third quarter, according to its latest financials.

The firm recently released its first quarterly report since going public on Oct. 18. Its calculations show it pulled in revenue of CNY1.45 billion (USD218 million) during the quarter, more than quadrupling from CNY355.6 million a year earlier.

Qudian's shares were traded some 26.7 million times in the period, up from 11 million the previous year. Trading volume grew 218.8 percent to CNY25.6 billion.

The platform's active borrowers climbed by 175 percent to 7.5 million, while the platform processed around 37,682 transactions per hour at a rough split of one-third loans and two-thirds loan repayments.

China's financial regulators recently issued several documents to prevent defaults on debt repayments, and banned P2P agencies from offering loans to college students. Qudian officially discontinued its student loan services, but rumor has it that the company is still lending to learners, hence the public criticism.

The firm is looking to develop new data technologies, advance its products and services and conduct businesses within the evolving regulatory framework, said Luo Min, chief executive.