Q1 2024 Earnings Summary
Reported on May 31, 2024 (Before Market Open)
Pre-Earnings Price$3.91Last close (May 30, 2024)
Post-Earnings Price$3.98Open (May 31, 2024)
Price Change
$0.07(+1.79%)
- Net income increased by 28% year-over-year to RMB 363 million, demonstrating strong profitability growth [[1]].
- Total net revenue increased by 20% to RMB 1,208 million, indicating robust revenue growth [[1]].
- The company authorized a new share repurchase program of up to $20 million, showing confidence in its future prospects and commitment to returning value to shareholders [[1]].
- Decrease in Loan Volume: The total loan amount facilitated and originated decreased by 11% year-over-year and 18% quarter-over-quarter to RMB 22 billion, indicating a downward trend in loan origination that could impact future revenue growth.
- Rising Delinquency Rates: Delinquency rates for outstanding loans past due for 31 to 60 days and 91 to 180 days increased to 1.61% and 4.37%, respectively, from 1.05% and 2.4% a year ago, suggesting deteriorating asset quality and potential challenges in loan repayments.
- Increased Origination and Servicing Expenses: Origination and servicing expenses increased by 15% to RMB 427 million from RMB 371 million in the same period of 2023, primarily due to higher collection expenses, which could pressure profitability if not managed effectively.
Research analysts covering X Financial.