LexinFintech had a decline in total loan origination but growth in revenue and profit

From GlobeNewswire: 2024-08-27 19:00:00

LexinFintech Holdings Ltd. announced unaudited financial results for Q2 2024, showing a decline in total loan origination to RMB 51.1 billion, a 12% decrease from the previous quarter. Despite this, total operating revenue and net profit grew by 12%, reflecting improved risk performance and a record-low funding cost.

While facing challenges in China’s consumer market, Lexin saw accelerated growth in international operations, outperforming domestic business in Q2 2024. The company remains focused on investing in overseas markets to sustain growth.

Lexin’s persistent efforts in risk management paid off with several key indicators showing early signs of improvement, leading to a historical low funding cost that boosted profitability compared to the previous quarter. The company is confident in navigating challenges and pursuing opportunities for sustainable growth in both Chinese and overseas markets.

In the second quarter of 2024, Lexin achieved a 19.1% year-over-year increase in total operating revenue, driven by credit facilitation service income rising by 24.9%. Tech-empowerment service income also increased by 36.5%, while net income attributable to ordinary shareholders decreased by 36.3%. The company’s adjusted net income and EPS also saw decreases from the previous year.



Read more at GlobeNewswire:: LexinFintech Holdings Ltd. Reports Second Quarter 2024