LUFAX(LU)2024-10-21 10:44Financial Performance - Total income for Q3 2024 was RMB 5,543 million (US 103 million), compared to a net profit of RMB 131 million in the same period of 2023, representing a decline of 653.7%[24] - Total income for the nine months ended September 2024 was RMB 18,483,377, representing a decrease of 32% from RMB 27,398,546 for the same period in 2023[48] - Basic earnings per share for the nine months ended September 2024 was (1.98), compared to 1.51 for the same period in 2023[48] - Net loss attributable to owners of the Group for the three months ended September 2024 was RMB 874,806, compared to a profit of RMB 93,778 in the same period of 2023[48] Loan and Borrower Metrics - Cumulative number of borrowers increased by 24.1% to approximately 24.8 million as of September 30, 2024, up from approximately 20.0 million a year earlier[26] - Total outstanding balance of loans decreased by 41.8% to RMB 213.1 billion as of September 30, 2024, from RMB 366.3 billion a year earlier[26] - Total new loans enabled remained flat at RMB 50.5 billion in Q3 2024, with new consumer finance loans increasing by 27.8% to RMB 26.4 billion[26] - New loan sales in the consumer finance business increased by 27.8% year-over-year, accounting for 52% of total new loan sales in the quarter[29] Expenses and Losses - Total expenses for Q3 2024 were RMB 6,262 million, a decrease of 19.2% from RMB 7,747 million in Q3 2023[25] - Credit impairment losses, finance costs, and other losses increased by 5.9% to RMB 3,279 million in Q3 2024[25] - Total expenses decreased by 19% to RMB 6,262 million (US 3,853 million) as of September 30, 2024, down from RMB 39,599 million as of December 31, 2023[38] - Cash at bank decreased to RMB 27,038,935 as of September 2024, down 32% from RMB 39,598,785 as of December 31, 2023[50] - Cash and cash equivalents at the end of the period on September 30, 2024, were RMB 9,964,987,000, down from RMB 18,828,729,000 at the end of the same period in 2023[55] - The net decrease in cash and cash equivalents for the three months ended September 30, 2024, was RMB (10,433,558,000), compared to RMB (6,630,828,000) in the same period of 2023[55] - Total assets as of September 2024 were RMB 206,449,110, down from RMB 237,023,009 as of December 31, 2023, a decrease of approximately 13%[50] - Total liabilities as of September 2024 were RMB 120,108,859, a decrease of 16% from RMB 143,339,227 as of December 31, 2023[50] Business Strategy and Outlook - The company maintains a cautious approach to business strategies while focusing on non-SBO customers and enhancing consumer finance offerings[29] - The estimate for the consolidated loss attributable to owners of the company for the three months ended September 30, 2024, was prepared based on unaudited management accounts[58] - The estimate is required to be reported in accordance with Rule 10 of the Hong Kong Code on Takeovers and Mergers[71] - The estimate has been properly compiled in accordance with the bases adopted by the directors and is consistent with the accounting policies normally adopted by the group[67] - The company reported a net loss attributable to owners for the three months ended September 30, 2024, as part of its profit forecast[71]