Prepare for the transition to a 100% guarantee model, acquire 100% shares of Ping An One Account Bank, and release clear business transformation signals in the third quarter report of Lujinsuo Holdings
carol17
发表于 2023-11-14 11:00:20
1328
0
0
On November 14th, Lujin Holdings Limited (NYSE: LU; 06623. HK) released its third quarter report for 2023. According to the financial report, Lujin Holdings achieved an operating revenue of approximately 8.1 billion yuan and a net profit of 131 million yuan in the third quarter. The financial report also shows that stabilizing the quality of new loan assets and optimizing costs are the main reasons for Lujin Holdings to maintain profitability. In the third quarter, credit impairment losses decreased by 24.1% year-on-year, and total expenses in the third quarter decreased by 30.1% year-on-year.
In the third quarter, Lujin Holdings adhered to a prudent business strategy and focused on the quality of newly added assets. We believe that these difficult but necessary measures will lay the foundation for the company's sustainable and high-quality development
It is worth noting that the financial report shows that the operating expenses of Lujin Holdings decreased by 6.1% month on month in the third quarter, and the total expenses decreased by 30.1% year-on-year. The effect of cost reduction and efficiency increase is significant.
Regarding this, Ji Kuisheng, co CEO of Lujin Holdings, introduced that the company's direct sales team reform has achieved initial results. 68% of new loans in the third quarter came from direct sales, while 61% in the second quarter. The average production capacity of the direct sales team increased by 25.4% month on month, continuing the positive trend in the second quarter.
Ready to transition to a 100% guarantee model
The consumer finance business continues to be a major highlight of Lujin Holdings' third quarter report. According to the financial report, Lujin Holdings added 20.6 billion yuan in new loans to its consumer finance business in the third quarter, an increase of 15.3% and 48.5% respectively compared to the same period last year. As of the end of the third quarter, the cumulative balance of consumer finance loans reached 36.1 billion, an increase of 9.9% compared to the end of the previous quarter and 29.4% compared to the end of the previous quarter. The non-performing rate of consumer finance in the third quarter was 1.9%, and in the second quarter it was 2.2%.
According to Ji Kui sheng's interpretation, smaller and shorter term consumer loans can help enrich the product line controlled by Lujin and facilitate business diversification. In addition, as the proportion of consumer credit in new loans increases, the decrease in financing costs for consumer finance business will also help reduce overall financing costs. The company plans to continue its efforts to expand its consumer finance business.
The performance of financing guarantee business is also worth paying attention to. The financial report also shows that in the third quarter, the risk-taking ratio of new loans granted by Lujin Holdings (excluding consumer finance companies) increased from 21.7% in the same period last year to 54.3%.
Ping An Inclusive Financing Guarantee Co., Ltd., a subsidiary of Lujin Holdings, has strengthened its guarantee responsibilities and continuously increased its guarantee ratio, helping cooperative banks better achieve the "dare to lend and willing to lend" of small and micro loans through the financing and guarantee model. The transformation of business model has gained recognition from a large number of cooperative banks, and is expected to increase revenue and improve the profitability of Lujin Holdings in the medium term.
Acquisition of 100% stake in Ping An One Account Bank
On the day of the financial report release, Lujin Holdings announced that it will acquire 100% of the shares of Ping An One Account Bank from Financial One Account. The announcement shows that Ping An One Account Bank is the first virtual bank in Hong Kong to focus on providing flexible and efficient banking services for small and medium-sized enterprises. The capital adequacy ratio of Ping An One Account Bank is 100%, significantly higher than regulatory requirements. All of its loans are for small and medium-sized enterprises in Hong Kong, and a significant portion of the outstanding balance is supported by the Hong Kong SAR Government's Small and Medium sized Enterprise Financing Guarantee Scheme.
Its target customers and business are relatively consistent with the existing business form of Land Control, allowing us to leverage our past operational experience and technical expertise to develop our business. This acquisition will supplement the business layout of Land Control and contribute to business diversification.
Market participants believe that the acquisition of Ping An One Account Bank is an important step for Lujin Holdings to expand into the international market with its financial technology strength. LuJinSuo Holdings has been deeply engaged in digital small and micro financing services for 18 years. Based on its understanding of the Hong Kong market, LuJinSuo can leverage its virtual banking license to create innovative digital banking services, and use financial technology to support inclusive finance in Hong Kong.
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
猜你喜欢
- 4 trillion yuan giant releases important signals
- The Federal Reserve has revealed a heavyweight signal, preparing to slow down its balance sheet tightening "soon"! The Dow Jones fell over 400 points, and gold also "stalled"
- The strong US dollar is once again entering a "harvesting" mode: emerging markets are launching a "currency defense war"!
- Change battery mode from "edge person" station to position C! Another car company joins NIO's "battery swapping alliance"
- Difficulty in promoting the batch sales model of Xiaopeng Automobile's replacement of sales manager nationwide
- Difficulty in promoting the batch sales model of Xiaopeng Automobile's replacement of sales manager nationwide
- Danger signal! Does the sharp drop in the Dow Jones Transportation Index herald new risks to the US economy?
- The Ministry of Industry and Information Technology has named "single pedal mode" Tesla's response: it does not affect existing products and functions
- Powell releases clear signal of interest rate cut, gold, crude oil, RMB strengthen
- The delivery time for two iPhone 16 models has been shortened! What signal?
-
AIエクスプレスによると、10月3日、米株の人気の中概株盤の前が低くなり、ピッピッピッと5%近く下落し、相多、名創優品、小鵬自動車は3%超下落し、百度、蔚来自動車、京東は2%超下落した。 ...
- SOGO
- 前天 17:06
- 支持
- 反对
- 回复
- 收藏
-
ナスダック中国の金龍指数は5%超上昇し、楽しい自動車は120%超上昇し、金山雲は18%超上昇し、ピシャリと12%超上昇し、子牛の電動、怪獣の充電は10%超上昇し、愛奇芸は8%超上昇し、テンセント音楽、新東方は7%超上昇 ...
- hecgdge4
- 前天 10:28
- 支持
- 反对
- 回复
- 收藏
-
10月1日、理想自動車が9月に納入したデータによると、9月に理想自動車が新車53709台を納入し、前年同月比48.9%増となった。 今年第3四半期、理想自動車は前年同期比45.4%増の152831台を納入した。今年9月30日現在、 ...
- 就放荡不羁就h
- 3 天前
- 支持
- 反对
- 回复
- 收藏
-
EUが中国の電気自動車に関税を課す方針、独首相と財務相が反発 ドイツ連邦のショルツ首相は現地時間の10月2日、EUが中国の電気自動車に一時的な補助金税を課す紛争を解決するために中国と交渉することを表明した。 ...
- 寒郁轩良
- 昨天 10:13
- 支持
- 反对
- 回复
- 收藏