On November 23, Lexin released its financial results for the third quarter of 2023, showing a revenue of 3.51 billion yuan in the third quarter, a year-on-year increase of 30.4%; The profit was 527 million yuan, a year-on-year increase of 30%.
According to the financial report, in the third quarter, Lexin's digital business grew rapidly, with a 59% increase in cooperation transaction volume compared to the previous quarter; Scenario e-commerce business has achieved growth for multiple consecutive quarters, with GMV (total commodity transaction volume) increasing by 12.8% year-on-year. During the recent Double 11 promotion period, the number of e-commerce ordering users increased by 37% year-on-year, driving the transaction amount of high-quality active users in consumer finance business to increase by about 12.4% month on month.
In the third quarter, based on the challenges brought by the uncertainty of the macroeconomic environment, the company appropriately tightened its risk strategy to balance growth and quality, ensuring stable business growth. Financial report data showed that the transaction volume in the third quarter reached 63.3 billion yuan, a year-on-year increase of 13%; The managed loan balance increased to 120.7 billion yuan, a year-on-year increase of 28%; The number of users reached 204 million, a year-on-year increase of 11.3%.
The financial report shows that in the third quarter, with the deepening of refined operations, the company's profitability continued to improve, and total operating expenses decreased by 7% year-on-year; We have further expanded our high-quality financial institution partners, with a 21 bp decrease in capital costs compared to the second quarter, setting a new record low.
Lexin CEO Xiao Wenjie stated that in the face of the current industry and macroeconomic environment challenges, Lexin continued to promote the implementation of the risk and data dual wheel drive strategy in the third quarter, adopted a cautious and prudent strategy, and continuously strengthened its underlying capabilities, achieving good performance growth. Looking ahead to the fourth quarter, in the face of a complex and uncertain external environment, Lexin will continue to adhere to the principle of prudent operation and prioritize risk management, continue to promote risk reduction and asset quality improvement, and focus on balancing growth and asset quality.