On May 24th, Beijing time, Lexinfintech, China's leading digital technology service provider for new consumer consumption (NASDAQ: LX), released its unaudited financial performance for the first quarter of 2024. Lexinfintech adheres to the dual driving force of risk and data, operates cautiously, balances scale and quality, and achieves steady development. In the first quarter, the company's revenue was 3.24 billion yuan, an 8.7% increase year-on-year.
In terms of scale, the transaction volume was 58 billion yuan, the on-loan balance was 121.51 billion yuan, a 13.5% increase year-on-year, and the number of users was 0.215 billion, a 10.8% increase year-on-year.
In terms of asset quality, the Low&Grow new customer risk management system was launched, efforts were made to strengthen the disposal and recovery of stock risk assets, and the impact of macroeconomic and industry risk cycles was reduced. In the quarter, the asset quality of new customers gradually improved, the credit approval rate for new customers increased by more than 30%, the concentration of good customers using credit increased from 24% in January to 40% in March, and the early risk indicator FPD30 for new customer assets continued to decline.
In terms of funding cooperation, Lexinfintech introduced several national large-scale financial institutions during the quarter, further increasing the proportion of funds and driving down funding costs by 34 basis points (bp), reaching a new historical low. With the reduction of funding costs, the company's profit (Non-GAAP EBIT) in the first quarter was 0.282 billion yuan. In May, the company issued its first international 3A-rated ABS, which will further promote the continuous reduction of funding costs.
Shi Wenzhuo, CEO of Lexinfintech, said, 'In the first quarter, we implemented four measures: risk control, refined operation for different customer groups, promotion of ecological business, and reduction of funding costs. Through cautious operation and consolidation of underlying capabilities, we achieved stable development against the macroeconomic and industry challenges. Looking ahead to the second quarter, we will continue to adhere to the principle of cautious operation, prioritize risk management, continuously improve profitability, and achieve higher quality development.'
In terms of scale, the transaction volume was 58 billion yuan, the on-loan balance was 121.51 billion yuan, a 13.5% increase year-on-year, and the number of users was 0.215 billion, a 10.8% increase year-on-year.
In terms of asset quality, the Low&Grow new customer risk management system was launched, efforts were made to strengthen the disposal and recovery of stock risk assets, and the impact of macroeconomic and industry risk cycles was reduced. In the quarter, the asset quality of new customers gradually improved, the credit approval rate for new customers increased by more than 30%, the concentration of good customers using credit increased from 24% in January to 40% in March, and the early risk indicator FPD30 for new customer assets continued to decline.
In terms of funding cooperation, Lexinfintech introduced several national large-scale financial institutions during the quarter, further increasing the proportion of funds and driving down funding costs by 34 basis points (bp), reaching a new historical low. With the reduction of funding costs, the company's profit (Non-GAAP EBIT) in the first quarter was 0.282 billion yuan. In May, the company issued its first international 3A-rated ABS, which will further promote the continuous reduction of funding costs.
Shi Wenzhuo, CEO of Lexinfintech, said, 'In the first quarter, we implemented four measures: risk control, refined operation for different customer groups, promotion of ecological business, and reduction of funding costs. Through cautious operation and consolidation of underlying capabilities, we achieved stable development against the macroeconomic and industry challenges. Looking ahead to the second quarter, we will continue to adhere to the principle of cautious operation, prioritize risk management, continuously improve profitability, and achieve higher quality development.'
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Lexin 2024Q1 EarningsConference Call
May 24 10:00
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Lexinfintech, the leading new consumer digital technology service provider in China, at Beijing time on March 21st. $LexinFintech (LX.US)$ Released the unaudited financial performance for the fourth quarter and full year of 2023. In the current macroeconomic and industry environment, Lexinfintech adheres to risk and data dual-driven, prudent operation, and achieves steady development: revenue in Q4 was 3.5 billion yuan, a 15.1% year-on-year increase; full-year revenue was 13.1 billion yuan, a 32% year-on-year increase; full-year profit (Non-GAAP EBIT) was 1.8 billion yuan, a 41.1% year-on-year increase. Both revenue and profit for the full year of 2023 achieved double-digit growth.
In terms of scale, the transaction volume in Q4 was 61.2 billion yuan, a 9% year-on-year increase; the annual transaction volume was 249.5 billion yuan, a 21.9% year-on-year increase; the managed loan balance was 124 billion yuan, a 24.5% year-on-year increase; the number of users was 0.21 billion, a 10.9% year-on-year increase; the number of new credit users, and new active users increased by 41% and 51.8% respectively, with corresponding single customer acquisition costs decreasing by 28% and 33.1% year-on-year.
In terms of funding cooperation, during the quarter, Lexinfintech introduced several high-quality financial institution partners, gradually forming a stable funding structure consisting of national joint-stock banks, trillion-level city commercial banks, city commercial banks, and rural commercial banks spread all over the country. The funding cost decreased by 20 basis points compared to the third quarter, hitting a historic low.
In terms of risk management, lexinfintech further improved the risk framework in the fourth quarter, ...
In terms of scale, the transaction volume in Q4 was 61.2 billion yuan, a 9% year-on-year increase; the annual transaction volume was 249.5 billion yuan, a 21.9% year-on-year increase; the managed loan balance was 124 billion yuan, a 24.5% year-on-year increase; the number of users was 0.21 billion, a 10.9% year-on-year increase; the number of new credit users, and new active users increased by 41% and 51.8% respectively, with corresponding single customer acquisition costs decreasing by 28% and 33.1% year-on-year.
In terms of funding cooperation, during the quarter, Lexinfintech introduced several high-quality financial institution partners, gradually forming a stable funding structure consisting of national joint-stock banks, trillion-level city commercial banks, city commercial banks, and rural commercial banks spread all over the country. The funding cost decreased by 20 basis points compared to the third quarter, hitting a historic low.
In terms of risk management, lexinfintech further improved the risk framework in the fourth quarter, ...
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Lexin 2023Q4&Full Year Earnings Conference Call
Mar 21 10:00
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On November 23rd Beijing time, China's leading new consumer digital technology service provider $LexinFintech (LX.US)$ (NASDAQ: LX) announced its financial performance for the third quarter of 2023: In the current industry and macroeconomic environment, the company adhered to a risk and data-driven dual-wheel strategy, upheld the principle of prudent operation, and achieved another quarter of stable growth: Q3 revenue was 3.51 billion yuan (RMB, the same below), a 30.4% year-on-year increase; non-GAAP EBIT profit was 0.527 billion yuan, up 30% year-on-year.
In the third quarter, Lexin's unique ecological advantages began to emerge: its digital technology business achieved rapid growth, with a 59% increase in cooperative transaction volume; the scene e-commerce business saw growth for multiple consecutive quarters, with a 12.8% year-on-year increase in GMV. During the recent November 11 shopping festival-related promotions, the number of e-commerce orders increased by 37% year-on-year, driving a 12.4% increase in transaction amount from high-quality active users in the consumer finance business.
In the third quarter, in the face of the challenges brought by the uncertain macroeconomic environment, the company appropriately tightened its risk strategy to balance growth and quality, ensuring the steady growth of its business. The financial report data shows that the transaction amount in the third quarter was 63.3 billion yuan, a 13% year-on-year increase; the management loan balance increased to 120.7 billion yuan, up 28% year-on-year; and the number of users was 204 million, up 11.3% year-on-year.
The financial report shows that in the third quarter, with the deepening of refined operations...
In the third quarter, Lexin's unique ecological advantages began to emerge: its digital technology business achieved rapid growth, with a 59% increase in cooperative transaction volume; the scene e-commerce business saw growth for multiple consecutive quarters, with a 12.8% year-on-year increase in GMV. During the recent November 11 shopping festival-related promotions, the number of e-commerce orders increased by 37% year-on-year, driving a 12.4% increase in transaction amount from high-quality active users in the consumer finance business.
In the third quarter, in the face of the challenges brought by the uncertain macroeconomic environment, the company appropriately tightened its risk strategy to balance growth and quality, ensuring the steady growth of its business. The financial report data shows that the transaction amount in the third quarter was 63.3 billion yuan, a 13% year-on-year increase; the management loan balance increased to 120.7 billion yuan, up 28% year-on-year; and the number of users was 204 million, up 11.3% year-on-year.
The financial report shows that in the third quarter, with the deepening of refined operations...
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Lexin 2023Q3 Earnings Conference Call
Nov 23 10:00
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