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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) will release its unaudited financial results for Q4 and the full year ending December 31, 2021, on March 15, 2022, after U.S. market hours. Management will conduct an earnings conference call at 9:30 P.M. Eastern Time on the same day. Interested participants should register online to receive dial-in details.
Lexin is a prominent online consumption and finance platform in China, focusing on connecting consumers with financial institutions through advanced technology.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced that senior management plans to purchase up to $10 million worth of the Company’s American depository shares (ADSs) within six months. The purchases are led by various executives including Chairman Jay Wenjie Xiao and CFO Sunny Rui Sun. These transactions may occur in the open market or through private negotiations. The management team expresses confidence in their initiatives aimed at sustainable growth, including developments like Maiya and Le Partners.
LexinFintech Holdings Ltd. (LX) released Q3 2021 financial results, highlighting a 68.5% increase in net income to RMB 581 million and a 54% rise in gross profit to RMB 1,507 million. Despite the challenges, operating revenue stood at RMB 2.97 billion, a slight decline from the previous year. Total loan originations rose 15.6% to RMB 55.8 billion, while the outstanding loans increased 37.8% year-over-year. The 90-day delinquency ratio remained stable at 1.85%.
LexinFintech Holdings Ltd. (NASDAQ: LX) will announce its unaudited financial results for Q3 2021 on November 10, 2021, after U.S. market close. The earnings conference call is scheduled for 8:30 PM ET on the same day. Interested participants can register online to join the call, which will also be available via live and archived webcast on the company's investor relations website. The replay will be accessible until November 17, 2021. Lexin is a prominent online consumption and finance platform in China, established in 2013.
LexinFintech Holdings Ltd. (LX) reported strong Q2 2021 results, with total operating revenue soaring 10.5% to RMB3.3 billion and net income climbing 87.7% to RMB787 million. Active users increased by 24% year-over-year, reaching 8.4 million, while loan originations jumped 47.6% to RMB60.6 billion. However, the company lowered its full-year guidance for loan originations to RMB230 billion due to regulatory changes. Despite challenges, credit quality remained stable with a 90+ day delinquency ratio of 1.85% and a vintage charge-off rate of 3.5%. Lexin emphasizes a focus on asset quality and profitability.
LexinFintech Holdings Ltd. (NASDAQ: LX) will announce its unaudited financial results for Q2 ended June 30, 2021, on August 25, 2021, before the market opens. Management will host an earnings call at 7:00 AM ET on the same day. Interested participants can register online for the call and access a live and archived webcast on the company’s investor relations website. Lexin is a leading online consumption and finance platform in China, offering comprehensive financial services including BNPL and membership benefits through its platforms.
On July 15, 2021, LexinFintech Holdings Ltd. announced the promotion of Mr. Jayden Yang Qiao to Chief Risk Officer. Mr. Qiao joined Lexin earlier this year as Vice President, where he improved the company's credit risk management. Under his guidance, Lexin has achieved a 40% reduction in its 1+ days past due rate compared to the previous year, bringing it down to 4.92%. Additionally, the recovery rate for bad debts improved by 30%. Mr. Qiao's extensive experience includes roles at JD Digits and Discover Financial Services, showcasing his expertise in risk management.
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