Summary by Moomoo AI
Qifu Technology delivered strong Q3 2024 financial results with total net revenue reaching RMB4.37 billion. Net income surged 58% YoY to RMB1.80 billion, while non-GAAP net income rose to RMB1.83 billion. The company maintained robust operating margin of 52.4% and non-GAAP operating margin of 53.0%.The company's loan facilitation volume reached RMB82.4 billion in Q3, with 55.1% under capital-light model and ICE. Asset quality showed improvement with 90-day+ delinquency rate at 2.72% and 30-day collection rate reaching its best level in three years at 87.4%. Total cash and cash equivalents stood at RMB9.77 billion as of quarter end.Looking ahead, Qifu Technology expects Q4 2024 net income between RMB1.75-1.85 billion. The board approved a new US$450 million share repurchase plan for 2025, demonstrating commitment to shareholder returns. The company has already purchased US$298 million worth of ADSs at average price of US$21.7 under the current 2024 buyback program.
