Lujin Holdings had a net loss of 870 million yuan in the first quarter, leading to a year-on-year decrease of 45.4% in loan balance
穿越夜时空簿
发表于 2024-4-23 15:17:23
1304
0
0
On April 23rd, China Ping An's dual major listed companies in the US and Hong Kong, Lujin Holdings (NYSE: LU; 06623. HK), released unaudited financial results for the first quarter of 2024.
In the first quarter, Lujin Holdings achieved a revenue of 6.964 billion yuan, a year-on-year decrease of 30.9%; Realized a net profit of -830 million yuan, compared to 732 million yuan in the same period last year; The net profit attributable to the shareholders of the group was -870 million yuan, compared to 672 million yuan in the same period last year.
After completing the five major risk reduction and diversification actions (including four portfolio changes and one business model adjustment), early risk indicators have improved. At the same time, all new loans for this quarter will be issued by consumer finance subsidiaries or empowered by guarantee companies under the 100% guarantee model controlled by Lujin.
Ji Kui sheng, Co CEO of Lujin Holdings, stated that in the first quarter of 2024, the company witnessed growth in consumer finance business. Consumer finance loans accounted for 42% of new loan sales in this quarter, up from 24% in the same period last year. Consumer finance loans currently account for 14% of the total balance, which has increased compared to the previous year and quarter. The proportion of loans under the 100% guarantee mode is also increasing. At present, 26% of the inclusive loan balance is enabled under this mode.
It is worth noting that the first quarter financial report of Lujin Holdings disclosed changes in senior leadership.
The financial report shows that due to personal reasons, Xu Zhaogan has proposed to resign as the Chief Financial Officer of Lujin Holdings. Zhu Peiqing has been appointed as the new Chief Financial Officer and Secretary of the Board of Directors of the company. This change will take effect from April 30, 2024.
Zhu Peiqing joined Ping An Bank in April 2018 and served as the General Manager of the Financial Planning Department of Ping An Bank from April 2018 to April 2024. Prior to this, he served as the Managing Partner of the Financial Services Industry in Kaijie China Greater China from May 2016 to April 2018, and as the First Vice President and Deputy Chief Financial Officer of Dahua Bank (China) from May 2013 to May 2016. From June 2003 to May 2013, he held multiple positions at Ernst&Young LLP, Ernst&Young LLP, and Deloitte Consulting, providing audit, financial management, risk, tax, and digital services to the financial industry. In September 2002, Zhu Peiqing began his career at Industrial and Commercial Bank of China.
Facilitated a loan balance of 270.2 billion yuan, a year-on-year decrease of 45.4%
According to the financial report, as of March 31, the loan balance empowered by Lujin Holdings was 270.2 billion yuan, a year-on-year decrease of 45.4%; The cumulative number of borrowers increased by 12.4% from approximately 19.4 million as of March 31, 2023, to approximately 217 million; The newly granted loans in the first quarter amounted to 48.1 billion yuan, a decrease of 15.6% compared to the same period in 2023.
In the first quarter, the revenue rate of retail credit empowerment business calculated based on loan balance by Lujin Holdings was 9.0%, compared to 7.3% in the first quarter of 2023; The risk-taking ratio of new loans empowered by Lujin Holdings (excluding consumer finance subsidiaries) has increased from 22.6% in the same period of 2023 to 100%. As of March 31, the proportion of loan balances at risk borne by Lujin Holdings (excluding consumer finance subsidiaries) increased from 20.4% as of March 31, 2023 to 41.6%; The proportion of loan balances at risk borne by Lujin Holdings (including consumer finance subsidiaries) increased from 24.5% as of March 31, 2023 to 48.3%, while the proportion of loan balances at risk borne by credit enhancement partners was 50.1%, with Ping An Property&Casualty Insurance accounting for the majority.
As of March 31, the overdue rate of over 30 days of the total amount of loans authorized by Lujin Holdings was 6.6%, while as of December 31, 2023, it was 6.9%; The overdue rate for more than 90 days is 4.4%, compared to 4.1% as of December 31, 2023; The non-performing loan ratio of consumer finance loans is 1.6%, compared to 1.5% as of December 31, 2023.
Technology platform revenue decreased by 49% year-on-year, and net interest income decreased by 15% year-on-year
According to the financial report, from the perspective of income structure, the main sources of revenue for Lujin Holdings are technology platform revenue, net interest income, guarantee income, other income, and investment income.
In the first quarter, the technology platform revenue controlled by Lujin was 2.553 billion yuan, a year-on-year decrease of 49.0%. This was mainly due to a decrease in new loan sales and loan balances, which led to a decrease in retail credit empowerment service fees, as well as a decrease in transaction volume resulting in a decrease in referral and other technology platform revenue.
Net interest income was 2.845 billion yuan, a year-on-year decrease of 15.0%, mainly due to a decrease in loan balances, partially offset by an increase in net interest income from the company's consumer finance business.
The guarantee income was 925 million yuan, a year-on-year decrease of 34.7%, mainly due to a decrease in loan balance and a decrease in average rates.
Other income was 319 million yuan, compared to 227 million yuan in the same period of 2023. The increase in this portion of income is mainly due to an increase in account management fees driven by improved collection performance.
The investment income was 322 million yuan, compared to 75 million yuan in the same period of 2023, mainly due to a decrease in losses related to certain risk assets, offset by an increase in investment asset income.
As of March 31, the bank deposits held by Lufax were 39.442 billion yuan, compared to 39.599 billion yuan as of December 31, 2023. As of March 31, the net assets were 92.825 billion yuan, while as of December 31, 2023, they were 93.684 billion yuan.
Lujinsuo Holdings is a fintech company incubated by Ping An in China. On October 30, 2020, Lufax Holdings was listed on the New York Stock Exchange. The issuance price is $13.50 per share, and the total amount raised is approximately $2.363 billion.
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
- Douyu's revenue in the first quarter was 1.04 billion yuan, a year-on-year decrease of 29.9%
- Douyu's Q1 revenue was 1.04 billion yuan
- First quarter revenue of approximately 9.9 billion yuan. NIO Bets on Second quarter Li Bin: Optimizing gross profit margin while ensuring sales volume
- Zhihu's Q1 revenue was 961 million yuan
- Zhihu: Revenue of 961 million yuan in the first quarter, gross profit margin increased to 56.6%
- Zhihu's Q1 revenue was 961 million yuan
- Musk sends a new signal after seeking a salary of 400 billion yuan
- Apple discontinues its "buy before pay" service plan in the United States and launches a new loan plan
- TSMC: June sales revenue of 207.87 billion New Taiwan Dollars
- Dutch Prime Minister Speaks on Chip Equipment Exports to China: Balancing Benefits and Risks
-
【英偉達の需要が高すぎる?SKハイニックス:黄仁勲がHBM 4チップの6カ月前納入を要求!】SKハイニックスの崔泰源(チェ・テウォン)会長は月曜日、インビダーの黄仁勲(ファン・インフン)CEOが同社の次世代高帯域 ...
- 琳271
- 前天 17:54
- 支持
- 反对
- 回复
- 收藏
-
ファイザーが前立腺がんを治療する革新薬テゼナ& ;reg;(TALZENNA®,一般名:トルエンスルホン酸タラゾールパーリカプセル)は2024年10月29日に国家薬品監督管理局(NMPA)の承認を得て、HRR遺伝子突然変異 ...
- 什么大师特
- 昨天 17:41
- 支持
- 反对
- 回复
- 收藏
-
南方財経は11月5日、中央テレビのニュースによると、現地時間11月5日、米ボーイング社のストライキ労働者が59%の投票結果で新たな賃金協定を受け入れ、7週間にわたるストライキを終えた。ストライキ労働者は11月12 ...
- Dubssgshbsbdhd
- 昨天 16:27
- 支持
- 反对
- 回复
- 收藏
-
【マスクはテスラが携帯電話を作ることに応えた:作れるが作らないアップルとグーグルが悪さをしない限り】現地時間11月5日、有名ポッドキャストのジョローガン氏のインタビューに応じ、「携帯電話を作るのは私たち ...
- 波大老师
- 昨天 14:41
- 支持
- 反对
- 回复
- 收藏