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LexinFintech Holdings Ltd. (NASDAQ: LX) is a leading online consumer finance platform in China. The company focuses on serving the credit needs of educated young adults in the country through innovative loan products. LexinFintech leverages technology to offer a range of credit services including installment loans, direct sales financing, and consumer finance services. As of September 30, 2017, the platform had over 6.5 million customers with approved credit lines and over 20 million registered users, reflecting its significant reach and market penetration.
The company has shown impressive growth in recent years, with approximately 3.0 million active customers in 2016 and 3.3 million in the nine months ending September 30, 2017. This represents a 103% increase from 2015 and a 34% increase from the same period in 2016. LexinFintech continues to grow its customer base by offering convenient and innovative loan products tailored to the evolving needs of its clients at various life stages.
In recent achievements, the total loan origination for the second quarter of 2023 reached RMB63.9 billion, exceeding the company's guidance and marking a 30.1% year-over-year growth. The outstanding loan balance increased by 31.8% year-over-year, reaching RMB114 billion. LexinFintech's focus on holistic risk management and operational efficiency has driven this growth, ensuring that the company remains resilient amid uncertain economic conditions.
Financially, the company's operating revenue for the second quarter of 2023 was RMB3.1 billion, a 26.6% increase year-over-year. Net profit also saw significant growth, reaching RMB356 million, reflecting a 112% year-over-year increase. LexinFintech's e-commerce platform has also performed well, with a 31.6% sequential growth in Gross Merchandise Value (GMV) during the 618 shopping festival, showcasing the platform's strength and its comprehensive consumer ecosystem.
In addition to its core business, LexinFintech has recently implemented a semi-annual dividend policy, reflecting its strong financial position and commitment to returning value to shareholders. The company declared a dividend of US$0.058 per ordinary share for the six-month period ending June 30, 2023.
Looking forward, LexinFintech remains focused on enhancing its risk management capabilities, improving asset quality, and pursuing sustainable growth. The company reaffirms its annual GMV guidance of RMB245-255 billion for 2023, representing a 20-25% year-over-year growth. With a prudent business approach and strategic initiatives, LexinFintech is well-positioned to navigate economic uncertainties and deliver long-term value to its stakeholders.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2022, with the Securities and Exchange Commission on April 26, 2023. The report is accessible on the investor relations website. Shareholders and ADS holders can request a hard copy of the annual report, which includes audited consolidated financial statements, at no charge. Lexin aims to utilize technology and risk management to enhance financing accessibility for younger consumers in China, connecting them with financial institutions through a mix of online and offline channels.
LexinFintech Holdings Ltd. (NASDAQ: LX) reported Q4 2022 financial results, showing total loan origination of RMB56.1 billion, a 28.8% year-over-year increase. The total outstanding loan balance reached RMB99.6 billion, up 15.9% year-over-year. Q4 operating revenue rose to RMB3.1 billion, a 38.7% increase from Q4 2021, with net profit at approximately RMB301 million, reflecting a 17.9% year-over-year growth. Despite these positive results, active users using loan products decreased by 15.3% year-over-year. The company expects loan originations in Q1 2023 to be around RMB60 billion, signaling a 39% year-over-year growth outlook.
LexinFintech Holdings Ltd. (NASDAQ: LX) will release its unaudited financial results for Q4 and FY 2022 after market close on March 13, 2023. The earnings conference call is set for 9:30 PM EST the same day, with a registration link provided for participants. The company, based in Shenzhen, focuses on technology-driven personal financial services, aiming to connect consumers with financial institutions. Lexin aims to enhance financing accessibility for younger generations through a blend of online and offline channels, big data, and AI-based risk management solutions.
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LexinFintech Holdings Ltd. (NASDAQ: LX) announced the resignations of CFO Sunny Rui Sun and Chief Financing Cooperation Officer Kris Qian Qiao, effective December 30, 2022, for personal reasons. The company appointed James Xigui Zheng as the new CFO and director, starting January 1, 2023. Zheng brings extensive experience from previous roles at Lufax and eBay, which is expected to enhance Lexin's leadership in consumer finance.
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