On August 28th Beijing time, LeXin (NASDAQ: LX) released unaudited financial results for the second quarter of 2024, which showed that the company achieved a revenue of 3.641 billion yuan in the second quarter of this year, a year-on-year increase of 19.14%; Realize a net profit of 227 million yuan attributable to ordinary shareholders of the company, a year-on-year decrease of 36.32%; The adjusted net profit attributable to common shareholders was 250 million yuan, a year-on-year decrease of 39%.
In the first half of this year, Lexin achieved a revenue of 6.883 billion yuan, a year-on-year increase of 13.98%; The net profit attributable to the ordinary shareholders of the company was 428 million yuan, a year-on-year decrease of 37.33%; The adjusted net profit attributable to common shareholders was 480 million yuan, a year-on-year decrease of 38.83%.
As of the end of June, Lexin facilitated a loan amount of 51.1 billion yuan, a year-on-year decrease of 20.1%; At the end of the quarter, the balance of loans under management was 115.2 billion yuan, a slight increase of 0.96% year-on-year; The number of registered users reached 220 million, a year-on-year increase of 10.2%; The cumulative number of users with approved credit limits is 43.3 million, a year-on-year increase of 5.8%.
In the second quarter of this year, the number of active users using Lexin loan products was 4.2 million, a year-on-year decrease of 16.4%; The number of new active users using loan products was 400000, a year-on-year decrease of 49.3%. As of the end of June, the cumulative number of borrowers was 32.5 million, an increase of 6.8% compared to the end of June last year.
In terms of asset quality, as of the end of June, Lexin's overdue rate of over 90 days was 3.7%, an increase from 3% at the end of the first quarter; The first-time delinquency rate (30 days+) for newly issued loans is less than 1%.
Xiao Wenjie, Chairman and CEO of Lexin, stated that despite weak consumer demand and credit environment, the company's revenue and net profit have both increased compared to the end of the first quarter. Some risk indicators have shown quarterly fluctuations, but more indicators are showing signs of improvement, thanks to the control of loan disbursement and the improvement of risk control capabilities in the past period.
In terms of dividend distribution, Lexin stated that it will continue its policy of distributing dividends twice a year. This time, cash dividends will be distributed at a rate of $0.036 per ordinary share or $0.072 per American Depositary Share, which is approximately 20% of the net profit for the first half of 2024. It is expected to be distributed on October 18, 2024.
In terms of revenue, in the second quarter of this year, Lexin's credit facilitation service revenue was 2.669 billion yuan, a year-on-year increase of 24.9%; The revenue from technology enabled services was 535 million yuan, a year-on-year increase of 36.5%; The revenue from installment e-commerce platform services was 437 million yuan, a year-on-year decrease of 17%.
In terms of credit facilitation service revenue, credit oriented loan facilitation and service fee revenue amounted to 1.433 billion yuan, a year-on-year increase of 51.5%, mainly due to better control over early repayment behavior; The guarantee income was 722 million yuan, a year-on-year increase of 17%; The financing income was 513 million yuan, a year-on-year decrease of 10.6%.
LeXin stated that in the second quarter, LeXin's inclusive business provided nearly 4.4 billion yuan in loans to various customer groups, and the transaction volume of scenario e-commerce products increased by over 10% year-on-year. The sustainable development of ecological business not only drives consumption growth, but also assists the development of small and micro enterprises.