Summary by Moomoo AI
LexinFintech reported Q3 2024 financial results, with total loan originations reaching RMB51.0 billion, down 19.5% YoY but stable QoQ. Outstanding loan balance decreased 7.8% YoY to RMB111.2 billion. Despite lower volumes, net profit rose 36.7% QoQ to RMB310 million, driven by improved profitability in core loan business.Total operating revenue increased 4.4% YoY to RMB3.7 billion. Credit facilitation service income grew 10.6% YoY to RMB2.97 billion, while tech-empowerment and e-commerce platform revenues declined. The company achieved record low funding costs and gradual asset quality improvement. 90-day+ delinquency ratio remained stable at 3.7%.LexinFintech announced an amended dividend policy, increasing payout ratio to 25% of net profit starting 2025. Management expressed cautious optimism about gradual economic recovery and confidence in navigating uncertainties while sustaining business momentum.
