Xinhua Finance and Economics, Shanghai, November 23 (Reporter Gao Shaohua) - New consumer digital technology service provider Lexin released its financial results for the third quarter of 2023 on November 23, showing a revenue of 3.51 billion yuan (RMB, the same below) in the third quarter of this year, a year-on-year increase of 30.4%; The profit (Non GAAP EBIT) was 527 million yuan, a year-on-year increase of 30%; The transaction volume reached 63.3 billion yuan, a year-on-year increase of 13%; The balance of managed loans 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%.
In the third quarter of this year, Lexin's ecological advantages began to emerge: the digital science business achieved rapid growth, the cooperation transaction volume increased by 59% month on month, and the cooperation with multiple urban and rural commercial banks was deeply strengthened, and the commercialization ability was further improved; Scenario e-commerce business has achieved growth for multiple consecutive quarters, with a total transaction amount of 1.381 billion yuan in the third quarter of the installment store, a year-on-year increase of 12.8%. During the Double 11 promotion period, Lexin's e-commerce ordering users increased by 37% year-on-year, and the transaction amount of high-quality active users in consumer finance business increased by about 12.4% month on month.
The financial report shows that in the third quarter, with the deepening of refined operations, Lexin'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, and the cost of funds has continued to decline compared to the second quarter, hitting a new historical low.
Lexin continues to invest in technology, with a research and development investment of 127 million yuan in the third quarter. During the quarter, Lexin iterated and improved the global model of user lifecycle, accelerating the implementation and application of AI big models in the company. In terms of business interaction, the AI big model has been fully implemented in major business processes such as telemarketing, customer service, and collection; In terms of improving production capacity, AI big models have been widely applied in scenarios such as research and development code assistance, design creativity generation, and data analysis.
Small and micro enterprises are important pillars of the national economy, and financial services are a booster for the development and growth of small and micro enterprises. According to financial reports, Lexin's inclusive business has provided financial services to over 4 million small and micro enterprises and individual businesses, with a transaction volume exceeding 35 billion yuan.
Lexin CEO Xiao Wenjie stated that, Faced with the current challenges in the industry and macroeconomic environment, in the third quarter, we continued to promote the implementation of a dual wheel drive strategy of risk and data, adopted a prudent and prudent strategy, and continuously strengthened our underlying capabilities, resulting in good performance growth. Looking ahead to the fourth quarter, we 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