LexinFintech Reports Strong Q3 2024 Profit Growth

Lexinfintech ( (LX) ) has released its Q3 earnings. Here is a breakdown of the information Lexinfintech presented to its investors.

LexinFintech Holdings Ltd. is a technology-driven personal financial service provider in China, specializing in credit facilitation and empowering financial institutions with advanced technology solutions. In the third quarter of 2024, LexinFintech reported a stable loan origination of RMB51.0 billion, despite a 19.5% decrease year-over-year, and a net profit increase to RMB310 million, reflecting a 36.7% rise from the previous quarter. The company’s operating revenue grew by 4.4% to RMB3.7 billion year-over-year, with a notable increase in credit facilitation service income by 10.6%. However, there were declines in tech-empowerment and installment e-commerce platform service incomes. LexinFintech’s strategic focus on reducing funding costs and enhancing asset quality has led to improved profitability, with significant progress in acquiring new users with approved credit lines and maintaining a high customer retention rate. Despite challenges in the macroeconomic environment, the company remains optimistic about the future, anticipating positive outcomes from government stimulus measures and committing to increased shareholder value through a revised dividend policy beginning in 2025.