The following is a summary of the LexinFintech Holdings Ltd. (LX) Q1 2024 Earnings Call Transcript:
Financial Performance:
LexinFintech reported total loan origination of RMB 58 billion, and a loan balance standing at RMB 121.5 billion for Q1 2024, representing a year-on-year growth of 13.5%.
Total revenue for the company reached RMB 3.2 billion, marking a year-on-year growth of 8.7%.
A net profit of RMB 202 million was reported by the company.
The company achieved a historically low funding cost in Q1 2024, with a decrease of 34 basis points compared to the previous quarter.
LexinFintech invested RMB 130 million in research and development.
Business Progress:
LexinFintech has implemented measures to maintain asset quality such as improving intelligent cost routing strategy and introducing a robust strategy.
The company promoted low-interest loan products for high-quality consumers and small business owners, resulting in increased user activity levels and improved risk performance indicators.
LexinFintech achieved double-digit growth in total loan origination volume in the Mexico market.
Partnerships were established with several national-level financial institutions, boosting funding in the quarter.
Expansion into Southeast Asia and the South American regions was carried out.
A transition to diverse product models for overseas business is being planned by optimizing marketing, product integration, and risk management.
The overall risk performance for loans issued to new customers has improved and is expected to further improve in the second half of the year.
More details: LexinFintech IR
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