Lufax reports Q3 EPS (16c), consensus (1c)

YongSuk Cho, Chairman and Chief Executive Officer of Lufax (LU), commented, “During the third quarter, while Puhui loan demand remained weak, our consumer finance business continued to grow and delivered a solid performance. We maintained stable asset quality, with the C-M3 flow rate of our Puhui loans remaining steady despite declining balances, while our consumer finance NPL ratio continued to improve. As we anticipate it will take time for small business owners to benefit from recent stimulus policies enacted in late September, we are maintaining a cautious and diligent approach to our business strategies. In the meantime, we will place additional emphasis on non-SBO customers and continue to develop our consumer finance business. This balanced approach, combined with our ongoing risk management efforts, positions us well to navigate the evolving landscape while supporting the financial needs of both SBO and non-SBO customers in China’s dynamic economy.”