FinVolution Group Reports Third Quarter 2024 Unaudited Financial Results

Core Insights - FinVolution Group reported a total transaction volume of RMB52.2 billion for Q3 2024, reflecting a year-over-year increase of 1.8% [1][2] - The international transaction volume reached RMB2.7 billion, marking a significant year-over-year growth of 22.7% [1][4] - International revenues increased to RMB635.5 million, contributing 19.4% to total net revenues, with an 8.7% year-over-year growth [1][4] Financial Performance - Net revenue for Q3 2024 was RMB3,276.1 million (US$466.8 million), up 2.5% from RMB3,197.5 million in Q3 2023 [5][12] - Net profit increased to RMB624.1 million (US$88.9 million) compared to RMB574.7 million in the same period last year [5][25] - Non-GAAP adjusted operating income was RMB599.8 million (US$85.5 million), a slight increase from RMB583.8 million in Q3 2023 [5][23] Operational Highlights - Cumulative registered users reached 166.8 million in China, a 9.3% increase year-over-year [3] - The number of cumulative borrowers in China reached 26.3 million, up 6.0% from the previous year [3] - In the international market, cumulative registered users reached 32.4 million, a 44.0% increase year-over-year [4] Loan Metrics - The total outstanding loan balance was RMB68.1 billion, reflecting a 3.3% increase from RMB65.9 billion in Q3 2023 [2][5] - The average loan size increased to RMB10,066, compared to RMB8,505 in the same period last year [3] - The 90-day+ delinquency ratio rose to 2.50% as of September 30, 2024, compared to 1.67% a year earlier [3] Shareholder Returns - The company repurchased US$24.3 million worth of shares in Q3 2024, with a total of US$81.1 million deployed for share repurchases in the first nine months of 2024, up 23.2% year-over-year [11][29] - Since 2018, the company has returned a total of US$686.1 million to shareholders through its capital return program [11] Business Outlook - The company maintains its full-year 2024 transaction volume guidance for the China market between RMB195.7 billion and RMB205.0 billion, indicating a year-over-year growth of approximately 5.0% to 10.0% [30] - For international markets, the expected transaction volume is projected to be between RMB9.4 billion and RMB11.0 billion, representing a year-over-year growth of approximately 20.0% to 40.0% [30]