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Qifu Technology Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results and Raises Semi-Annual Dividend
QFINQFIN(QFIN) Newsfilter·2025-03-16 22:00

Core Viewpoint - Qifu Technology reported strong operational and financial results for the fourth quarter and full year of 2024, despite facing macroeconomic challenges, and announced a semi-annual dividend increase [1][15][20]. Fourth Quarter 2024 Business Highlights - As of December 31, 2024, Qifu Technology connected 261.2 million consumers with potential credit needs, an increase of 11.0% from 235.4 million a year ago [10]. - Cumulative users with approved credit lines reached 56.9 million, up 11.8% from 50.9 million in 2023 [10]. - The company facilitated 24,814,923 loans in the fourth quarter, with total loan facilitation and origination volume reaching RMB89,885 million, a 0.4% increase year-over-year [10]. - The total outstanding loan balance was RMB137,014 million, a decrease of 5.7% from the previous year [10]. - The 90-day+ delinquency rate was 2.09% as of December 31, 2024 [10]. Fourth Quarter 2024 Financial Highlights - Total net revenue for the fourth quarter was RMB4,482.3 million (US614.1million),comparedtoRMB4,370.2millioninthepriorquarter[18].−NetincomewasRMB1,912.7million(US614.1 million), compared to RMB4,370.2 million in the prior quarter [18]. - Net income was RMB1,912.7 million (US262.0 million), an increase from RMB1,798.8 million in the prior quarter [18]. - Non-GAAP net income was RMB1,972.4 million (US270.2million),comparedtoRMB1,825.1millioninthepriorquarter[18].−NetincomeperfullydilutedADSwasRMB13.24(US270.2 million), compared to RMB1,825.1 million in the prior quarter [18]. - Net income per fully diluted ADS was RMB13.24 (US1.82), up from RMB12.18 in the prior quarter [18]. Full Year 2024 Operational Highlights - Total loan facilitation and origination volume for 2024 was RMB321,969 million, a decrease of 12.8% from RMB369,132 million in 2023 [19]. - The weighted average contractual tenor of loans was 10.05 months, compared to 11.21 months in 2023 [19]. - Repeat borrower contribution was 93.1% for the year, up from 91.6% in 2023 [19]. Full Year 2024 Financial Highlights - Total net revenue for 2024 was RMB17,165.7 million (US2,351.7million),comparedtoRMB16,290.0millionin2023[43].−NetincomefortheyearwasRMB6,248.1million(US2,351.7 million), compared to RMB16,290.0 million in 2023 [43]. - Net income for the year was RMB6,248.1 million (US856.0 million), an increase from RMB4,268.6 million in 2023 [43]. - Non-GAAP net income was RMB6,415.7 million (US879.0million),comparedtoRMB4,454.2millionin2023[43].−NetincomeperfullydilutedADSwasRMB41.28(US879.0 million), compared to RMB4,454.2 million in 2023 [43]. - Net income per fully diluted ADS was RMB41.28 (US5.66), up from RMB26.08 in 2023 [43]. Dividend and Share Repurchase - The board approved a semi-annual dividend of US0.35perClassAordinaryshareforthesecondhalfof2024[57].−Thecompanyrepurchasedapproximately3.1millionADSsforaboutUS0.35 per Class A ordinary share for the second half of 2024 [57]. - The company repurchased approximately 3.1 million ADSs for about US107 million in the fourth quarter [59]. - A new share repurchase plan for 2025 was approved, allowing for up to US$450 million in repurchases [60]. Business Outlook - The company expects to generate a net income between RMB1.75 billion and RMB1.85 billion for the first quarter of 2025, reflecting a year-on-year growth of 49% to 58% [62].