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

Core Viewpoint - Qifu Technology reported strong financial results for the fourth quarter and full year of 2024, despite macroeconomic challenges, and announced an increase in semi-annual dividends [1][8][46]. Group 1: Fourth Quarter 2024 Business Highlights - The platform connected 162 financial institutional partners and 261.2 million consumers, marking an 11.0% increase from 235.4 million a year ago [5]. - Cumulative users with approved credit lines reached 56.9 million, up 11.8% from 50.9 million in the previous year [5]. - The total facilitation and origination loan volume was RMB 89,885 million, a 0.4% increase from RMB 89,561 million in the same period of 2023 [5]. Group 2: Fourth Quarter 2024 Financial Highlights - Total net revenue was RMB 4,482.3 million (US614.1million),comparedtoRMB4,370.2millioninthepriorquarter[6].−NetincomewasRMB1,912.7million(US 614.1 million), compared to RMB 4,370.2 million in the prior quarter [6]. - Net income was RMB 1,912.7 million (US 262.0 million), an increase from RMB 1,798.8 million in the prior quarter [6]. - Non-GAAP net income was RMB 1,972.4 million (US270.2million),comparedtoRMB1,825.1millioninthepriorquarter[6].Group3:FullYear2024OperationalHighlights−Totalnetrevenuefor2024wasRMB17.17billion,upfromRMB16.29billionin2023[10][32].−Non−GAAPnetincomefortheyearwasRMB6.42billion,comparedtoRMB4.45billionin2023[10][32].−ThecompanygeneratedarecordRMB9.34billionincashfromoperationsin2024[10].Group4:BusinessStrategyandOutlook−Thecompanyplanstomaintainaprudentapproachinbusinessplanningfor2025,focusingonqualitygrowthandenhancingoperationalefficiency[10][52].−Managementexpectsnetincomeforthefirstquarterof2025tobebetweenRMB1.75billionandRMB1.85billion,representingayear−on−yeargrowthof49 270.2 million), compared to RMB 1,825.1 million in the prior quarter [6]. Group 3: Full Year 2024 Operational Highlights - Total net revenue for 2024 was RMB 17.17 billion, up from RMB 16.29 billion in 2023 [10][32]. - Non-GAAP net income for the year was RMB 6.42 billion, compared to RMB 4.45 billion in 2023 [10][32]. - The company generated a record RMB 9.34 billion in cash from operations in 2024 [10]. Group 4: Business Strategy and Outlook - The company plans to maintain a prudent approach in business planning for 2025, focusing on quality growth and enhancing operational efficiency [10][52]. - Management expects net income for the first quarter of 2025 to be between RMB 1.75 billion and RMB 1.85 billion, representing a year-on-year growth of 49% to 58% [52]. - The company aims to allocate more resources to AI applications across credit scenarios to navigate the current environment effectively [10]. Group 5: Shareholder Returns - The board approved a semi-annual dividend of US 0.35 per Class A ordinary share for the second half of 2024 [46]. - The company has initiated a new share repurchase plan for up to US$ 450 million starting January 1, 2025 [50].