The following is a summary of the X Financial (XYF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Q1 2024 reported total net revenue of RMB 1.2 billion, up 20% year-over-year.

• Net income increased markedly by 28% year-over-year to RMB 363 million, and by 92% quarter-over-quarter.

• Notable financial maneuvers include a new share repurchase program authorized up to $20 million.

Business Progress:

• X Financial managed a proactive adjustment of loan volumes, contributing to profitability despite reduced loan output.

• Forward-looking plans include maintaining stabilized outlook on asset quality and aiming for total 2024 loan facilitation and origination around RMB 100 billion.

Opportunities:

• X Financial remains committed to stringent risk controls and enhanced operational efficiency to drive sustainable profitability.

Risks:

• An increased delinquency rate was observed, with rates for loans past due 31 to 60 days at 1.61% and for 91 to 180 days at 4.37%, due to proactive control of loan volumes.

• The broader economic environment poses challenges, with elevated risk levels still present within the loan portfolio.

More details: X Financial IR

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