Summary by Moomoo AI
LexinFintech reported Q3 2024 total loan originations of RMB51.0 billion, remaining stable QoQ but down 19.5% YoY, with outstanding loan balance at RMB111.2 billion. Despite lower volumes, net profit reached RMB310 million, up 36.7% QoQ from RMB227 million, driven by improved net revenue take rate and reduced funding costs.Total operating revenue grew 4.4% YoY to RMB3.7 billion, with credit facilitation service income rising 10.6% YoY to RMB2.97 billion. The company achieved record low funding costs with nearly 100 basis points reduction QoQ, while maintaining stable asset quality with 90-day+ delinquency ratio at 3.7% and first payment default rate below 1%.Looking ahead, the company remains cautious about short-term economic outlook while expecting gradual recovery from government stimulus measures. The Board approved an increased dividend payout ratio of 25% of net profit starting in 2025, demonstrating confidence in sustainable business recovery.
