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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. (LX) reported its Q3 2022 financial results, revealing total loan originations of approximately RMB56.2 billion, exceeding expectations. Operating revenue decreased by 9.4% to RMB2,690 million, while net income fell by 52.5% to RMB275 million. Despite a decline in active users, the user base rose to 184 million. Revenue from new consumption-driven services increased by 31.3%. The company authorized a new share repurchase program of up to US$20 million. Management remains focused on prudent development amid market uncertainties.
LexinFintech Holdings Ltd. (NASDAQ: LX) is set to announce its unaudited financial results for Q3 2022 on November 16, 2022. The earnings call will begin at 8:30 PM ET, with registration required for participants. Lexin is recognized as a significant online and offline consumption platform in China, connecting consumers and small enterprises with funding partners. Established in 2013, it leverages technological capabilities and partnerships with financial institutions. For more information, visit their investor relations website.
LexinFintech Holdings Ltd. (LX) reported a 40.9% quarter-over-quarter increase in operating revenue, totaling RMB2,413 million, despite a 26.2% decline compared to the prior year. Loan origination reached RMB49.1 billion, marking a 13.9% growth. Net profit surged 105.5% quarter-over-quarter, yet dropped 79% year-over-year to RMB165 million. Registered users grew to 178 million, a 23.5% increase. However, active users declined by 27.6%. The company maintains a focus on technology investment and enhancing operational efficiencies.
LexinFintech Holdings Ltd. (NASDAQ: LX) will announce its Q2 2022 financial results on August 16, 2022, at 9:30 PM U.S. Eastern time. The earnings call will take place the following day at 9:30 AM in Beijing/Hong Kong.
The company has established itself as a leading online and offline consumption platform in China, connecting consumers and small enterprises with funding partners. Details for participating in the earnings call are available on their website.
LexinFintech Holdings Ltd. (LX) reported Q1 2022 results, showing total operating revenue of RMB1,712 million, a decline of 41.8% from Q1 2021. The number of registered users grew to 171 million, but active users decreased by 30.7% to 5.7 million. Loan originations fell by 19.8%, totaling RMB43.2 billion, while net income dropped 89.0% to RMB78.1 million. The gross profit also decreased significantly, down 66.3% from the prior year. The company continues to expand its services for small businesses, with loan originations reaching RMB4.2 billion.
LexinFintech Holdings Ltd. (NASDAQ: LX) will report its unaudited financial results for Q1 2022 on May 30, 2022. The earnings conference call is scheduled for 9:30 PM ET on the same day, with a live webcast available on the company's investor relations website. Participants must register online to join the call. Lexin is known as a leading consumption platform in China, connecting consumers and small enterprises with financial institutions since its establishment in 2013.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced its provisional identification by the SEC as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA) on May 4, 2022. This follows its Form 20-F filing for the fiscal year ended December 31, 2021. The SEC's determination stems from the company's use of an accounting firm whose working papers cannot be fully inspected by the PCAOB. Lexin is actively seeking solutions to maintain compliance and protect stakeholders while striving to remain listed on the Nasdaq.
LexinFintech Holdings Ltd. (NASDAQ: LX) filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC on April 29, 2022. Investors can access the report on the company's investor relations website. Lexin is recognized as a prominent online and offline consumption platform in China, established in 2013, leveraging technological capabilities to connect consumers and small enterprises with funding partners. The company offers free hard copies of its audited financial statements to shareholders upon request.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced a share repurchase program allowing for the buyback of up to US$50 million in shares over the next twelve months. This initiative reflects the Company's confidence in its business fundamentals and growth prospects. The repurchases may occur through various means such as open market transactions and block trades, contingent on market conditions. Lexin plans to fund this program using its existing cash balance.
LexinFintech Holdings Ltd. (LX) reported its unaudited financial results for Q4 and full year 2021, with net income surging 292% year-over-year to RMB2,334 million. Despite significant challenges, the company achieved a 15.6% reduction in operating expenses and a record loan origination level. However, Q4 results revealed a 27.5% decline in total operating revenue, attributed to decreased credit-oriented services and platform-based services income. The total loan originations decreased by 18.1% in Q4, hinting at potential challenges in user engagement, with active users dropping by 23.8% from the previous year.
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