Lexin(US:LX) globenewswire.com·2024-05-23 23:00Core Viewpoint - LexinFintech Holdings Ltd. reported a cautious approach to growth in Q1 2024, focusing on asset quality amid a challenging macroeconomic environment, with total loan origination decreasing by 4.8% year-over-year while outstanding loan balances increased by 13.5% [1][2] Financial Performance - Total operating revenue for Q1 2024 was RMB3.2 billion, an increase of 8.7% year-over-year, while net profit was RMB202 million, a decrease of 38.4% from the previous year [2][9][18] - Credit facilitation service income rose by 25.2% to RMB2.648 billion, driven by increased loan facilitation and servicing fees [12][9] - The company achieved a record low in funding costs, decreasing by 39.7% to RMB90.7 million [14] Operational Highlights - The total number of registered users reached 215 million, a 10.8% increase year-over-year, while active users using loan products decreased by 10.8% to 4.5 million [3] - Cumulative loan originations reached RMB1,171.1 billion, a 26.8% increase from the previous year, while the outstanding principal balance of loans was RMB122 billion, up 13.5% [4] Credit Performance - The 90-day+ delinquency ratio was 3.0%, slightly up from 2.9% at the end of 2023, while the first payment default rate for new loan originations remained below 1% [5] Business Segments - The installment e-commerce platform service generated RMB903 million in GMV, a decrease of 20.0% year-over-year, serving over 300,000 users and 400 merchants [7] - The tech-empowerment service maintained a customer retention rate of over 75% [6] Cost Management - Cost of sales decreased by 49.5% to RMB236 million, aligning with the decrease in installment e-commerce platform service income [14] - General and administrative expenses decreased by 7.5% to RMB89.8 million due to expense control measures [17]