On November 23rd, US listed internet finance company Lexin (Nasdaq: LX) released its unaudited performance for the third quarter.
According to the financial report, Lexin's operating revenue in the third quarter was 3.51 billion yuan, an increase of 30.4% year-on-year and 14.8% month on month; The net profit attributable to the ordinary shareholders of the company was 370 million yuan, a year-on-year increase of 34.55%.
In the first three quarters, Lexin's operating revenue was 9.548 billion yuan, a year-on-year increase of 40.09%; The net profit attributable to ordinary shareholders of the company was 1.054 billion yuan, a year-on-year increase of 103.31%.
In terms of loan assistance business, Lexin facilitated a loan amount of 63.3 billion yuan in the third quarter, a year-on-year increase of 12.7%; The managed loan balance increased to 120.7 billion yuan, a year-on-year increase of 27.7%; The number of users reached 204 million, a year-on-year increase of 11.3%.
In terms of asset quality, as of September 30th, the overdue rate of over 90 days was 2.67%, an increase of 0.08 percentage points from 2.59% in the second quarter.
In terms of performance outlook, Lexin expects the full year transaction volume to be 245 billion to 255 billion yuan in 2023, a year-on-year increase of 20% to 25%.
The revenue from credit facilitation services increased by over 61% year-on-year, while the revenue from technology driven and installment e-commerce platform services decreased year-on-year
According to the financial report, Lexin's operating revenue in the third quarter was mainly divided into three parts: Credit facility service income was 2.686 billion yuan, a year-on-year increase of 61.2%, mainly due to the credit oriented loan facilitation and the increase in service fees and guarantee income, partially offset by the decrease in financing income; The income from technology empowerment services was 454 million yuan, a decrease of 9.2% year-on-year, mainly due to the reduction in loan facilitation under the profit sharing model in technology empowerment services and the reduction in the annual interest rate (APR) of loans; The revenue from installment e-commerce platform service was 369 million yuan, a year-on-year decrease of 29.6%, mainly due to a decrease in transaction volume in the third quarter.
Among the income from credit facilitation services, the credit oriented loan facilitation and service fee income was 1.533 billion yuan, a year-on-year increase of 115%, mainly due to the increase in off balance sheet loans promoted under the credit oriented model and better control over early repayment behavior; The guarantee income was 639 million yuan, a year-on-year increase of 55.8%, mainly due to an increase in loans and an increase in off balance sheet loan balances funded by certain institutional financing partners; The financing income was 514 million yuan, a year-on-year decrease of 5.2%, mainly due to a decrease in loans on the balance sheet.
The number of registered users increased by 11.3% year-on-year, and the number of active users of loan products decreased year-on-year
As of September 30th, the total number of registered users of Lexin reached 204 million, a year-on-year increase of 11.3%; The number of credit users reached 41.6 million, a year-on-year increase of 5.3%; The number of active users using loan products in the third quarter was 4.9 million, a year-on-year decrease of 13.6%; The cumulative borrower reached 30.9 million, a year-on-year increase of 5.8%; The proportion of duplicate borrowers reached 90.1%.
From the perspective of users and service targets, the financial report shows that in the third quarter, Lexin provided technology empowerment services to over 90 corporate customers, with a customer retention rate of over 85%; We have provided installment e-commerce platform services for over 400000 users and 400 merchants.
According to the official website, Lexin was established in October 2013 and is a new consumer digital technology service provider. On December 21, 2017, Lexin officially landed on NASDAQ in the United States.