Finvolution Group ( (FINV) ) has released its Q3 earnings. Here is a breakdown of the information Finvolution Group presented to its investors.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
FinVolution Group is a prominent fintech company operating in China, Indonesia, and the Philippines, offering an advanced platform that connects young generation borrowers with financial institutions, leveraging cutting-edge technologies in credit risk assessment and fraud detection.
In the third quarter of 2024, FinVolution Group reported significant growth in its international markets with a total transaction volume reaching RMB52.2 billion, marking a 1.8% increase year-over-year. The company’s net revenue also saw a rise, driven largely by international transaction volumes and revenues which increased significantly.
Key financial metrics for the third quarter include a net profit of RMB624.1 million, an 8.6% increase from the previous year, and a net revenue of RMB3,276.1 million, up by 2.5%. The international transaction volume grew by 22.7% year-over-year to RMB2.7 billion, and the international revenues contributed 19.4% to the total net revenues, highlighting a strategic focus on international expansion.
FinVolution’s management anticipates continued growth, projecting a year-over-year increase in transaction volumes for both China and international markets for the full year 2024. The company aims to maintain this upward trajectory by prioritizing high-quality borrower acquisition and expanding its capital return program.
Looking forward, FinVolution Group remains optimistic about its growth prospects, given the encouraging signs of macroeconomic recovery and its strategic focus on expanding its presence across pan-Asian markets, while remaining prudent in navigating ongoing market uncertainties.