(Yicai Global) July 9 -- The internet bank led by China's internet titan Tencent Holdings Ltd. [HKG:0700] achieved profitability in the second full fiscal year after its official opening.

The 2016 performance report recently released by WeBank shows its revenue for the year was USD360.2 million (CNY2.45 billion), marking a nearly 10-fold increase. Net profit hit USD 58.9 million (CNY401 million).

Weilidai, WeBank's online personal loan platform for WeChat and mobile QQ users, granted loans with an average transaction value of about CNY8,000 for a total of CNY198.7 billion by the end of last year, the report shows. It granted credit lines of up to CNY300,000 to more than 70 million people. Some 15 million of them in 567 cities in 31 provinces, municipalities and autonomous regions became registered users. The outstanding balance of loans under Weilidai's management was CNY51.7 billion. Weilidai cooperated with 25 financial institutions.

WeBank tasks itself with connecting the micro-financial needs of a large userbase with traditional financial institutions using the "no outlet, little labor and light asset" model, Huang Liming, deputy governor of WeBank, said in a previous Yicai Global interview.

WeBank partnered with several online platforms to bring consumers auto finance products and explore new ways to offer credit to buyers using second-hand car purchasing websites. The balance of auto loans managed by Weilidai reached CNY5.5 billion at the end of last year, a 22-fold increase from the beginning of the year.

WeBank's asset quality and risk control capacity have been stable over the past two years. Its non-performing loan rate was 0.32 percent at the end of last year, compared with 0.12 percent at the end of 2015. Its provision coverage ratio was 934.11 percent at the end of last year.