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Lufax Holding
Lufax Holding (LU) investor relations material
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Lufax Holding Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary22 Oct, 2024
Executive summary
Total new loan sales in Q3 2024 were CNY 50.5 billion, flat year-over-year but up 11.7% sequentially, driven by growth in consumer finance despite weak SME demand.
Net loss for the quarter was CNY 725 million, compared to a net profit of CNY 131 million a year ago, impacted by higher credit impairment losses and upfront provisions under the 100% guarantee model.
Asset quality remained stable, with improved NPL ratio for consumer finance loans and steady C-M3 flow rate.
Policy stimulus and local government initiatives are expected to support future growth, but benefits for small business owners will take time to materialize.
Financial highlights
Total income decreased 31.1% year-over-year to RMB 5.5 billion, mainly due to a 41.8% drop in outstanding loan balance.
Total expenses fell 19.2% to RMB 6.3 billion, with operating expenses down 35.9% to RMB 3 billion.
Credit impairment losses rose 9% to CNY 3.3 billion, reflecting prudent provisioning and macroeconomic uncertainties.
Technology platform-based income dropped 49.9% to RMB 1.6 billion, affected by lower retail credit service fees and cessation of LuJinTong business.
Cash at bank as of September 30, 2024: RMB 27,039 million.
Outlook and guidance
Loan volume guidance for 2024 remains at RMB 190–220 billion, with loan balance guidance at RMB 200–230 billion.
Management expects lifetime profitability to improve as the loan portfolio under the 100% guarantee model matures.
Emphasis will shift toward non-SBO customers and further development of the consumer finance business.
Funding costs are expected to continue decreasing due to favorable monetary policy and optimized funding structure.
Explain 100% guarantee model's short-term profit drag
How will revenue mix evolve with new licenses?
Reconcile stable asset quality with higher impairment
Explain the emphasis shift to non-SBO customers.
Why did Lufax exit the Lujintong business?
How does 100% guarantee model impact take rate?
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Lufax Holding
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Frequently asked questions
Lufax Holding Ltd is a prominent financial services provider based in China, focusing on facilitating various financial solutions primarily for small business owners within the region. The company operates a technology-driven platform that delivers a wide range of loan products, including both unsecured and secured loans, alongside consumer finance loans. Additionally, Lufax offers wealth management services through its platforms Lufax (Lu.com), Lu International (Singapore), and Lu International (Hong Kong), catering to the investment needs of middle-class and affluent investors. It also provides retail credit facilitation services to small business owners and technology empowerment solutions to financial institutions. The company is headquartered in Shanghai, China, and its shares are listed on the New York Stock Exchange.
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