Core Viewpoint - X Financial reported strong financial results for the third quarter of 2024, with significant year-over-year growth in net revenue and adjusted net income, despite a slight decline in loan facilitation compared to the previous year. The company anticipates continued growth driven by favorable macroeconomic conditions and a comprehensive government stimulus package aimed at boosting the economy [1][4]. Operational Highlights - The total loan amount facilitated and originated in Q3 2024 was RMB28,338 million, a decrease of 4% year-over-year but an increase of 25% quarter-over-quarter [1]. - The number of active borrowers reached 1,965,248 in Q3 2024, up 8.6% from the same period in 2023 [1]. Financial Highlights - Total net revenue for Q3 2024 was RMB1,582.5 million (US72.5 million), compared to RMB435.0 million in the same period of 2023, marking a 17.0% increase [3][4]. - Net income for Q3 2024 was RMB375.8 million (US$53.6 million), up from RMB347.2 million in Q3 2023, reflecting an 8.3% increase [3][4]. Delinquency Rates - The delinquency rate for loans past due for 31-60 days was 1.02% in Q3 2024, down from 1.11% in Q3 2023 [2]. - The delinquency rate for loans past due for 91-180 days was 3.22% in Q3 2024, compared to 2.50% in Q3 2023 [2]. Revenue Breakdown - Loan facilitation service fees increased by 5.9% to RMB878.3 million in Q3 2024 [4]. - Post-origination service fees rose by 10.7% to RMB186.1 million [4]. - Financing income grew by 11.6% to RMB335.8 million [4]. - Guarantee income surged by 576.5% to RMB53.6 million, attributed to increased loan volumes covered by guarantee services [4]. Future Outlook - The company expects total loan facilitation for Q4 2024 to be between RMB30.0 billion and RMB31.0 billion, with an annual forecast of RMB102.6 billion to RMB103.6 billion for 2024 [7]. - The management is optimistic about the macroeconomic recovery and plans to adjust loan volumes in line with risk levels [4].
X Financial Reports Third Quarter 2024 Unaudited Financial Results