Qifu Technology Reports Strong Q3 2024 Results and Repurchase Plans

Qifu Technology Announcements: Financial Results and Share Repurchase

Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) recently revealed its unaudited financial results for the third quarter of 2024. The company also introduced a significant US$450 million share repurchase plan for the upcoming 2025 fiscal year.

Business Highlights from Q3 2024

By the end of September 2024, Qifu Technology's platform connected with 162 financial institutional partners, reaching 254.3 million consumers seeking credit solutions, marking an 11.6% increase from 227.9 million a year earlier.

User Growth and Successful Loans

The cumulative user base with approved credit lines grew to 55.2 million, reflecting a 12.2% increase from the year prior. Additionally, 33.1 million borrowers successfully drew down loans during this period, which was a 12.6% rise compared to the same quarter in 2023.

Loan Facilitation Trends

During Q3 2024, over 23 million loans were originated via Qifu's platform. The lending volume reached RMB82,436 million, indicating a decrease from RMB96,923 million in Q3 2023 but an increase compared to RMB72,864 million from the previous quarter.

Key Financial Performance Indicators

The total net revenue for Q3 2024 was reported as RMB4,370.2 million (approximately US$622.7 million), slightly surpassing the previous year's figure of RMB4,281 million. Income from operations also witnessed a significant boost, amounting to RMB2,289.2 million (US$326.2 million), compared to RMB1,388.9 million in the same period last year.

Net Income and Margin Improvement

Notably, the net income jumped to RMB1,798.8 million (US$256.3 million) in Q3 2024, compared to RMB1,137.7 million in Q3 2023. Meanwhile, the non-GAAP net income stood at RMB1,825.1 million (US$260.1 million), signifying a strong upward trend.

Future Outlook and Shareholder Commitments

Qifu Technology's CEO, Mr. Haisheng Wu, expressed satisfaction with the company's performance in challenging market conditions, indicating that they have begun to witness increased user activity. The firm plans to continue a cautious risk management approach while capitalizing on upcoming opportunities.

Introduction of the New Share Buyback Plan

As part of its commitment to delivering value to shareholders, Qifu has initiated a share repurchase program amounting to US$450 million for the term commencing in January 2025. This initiative follows the completion of a US$350 million repurchase program executed in the last fiscal period.

Conference Call and Additional Information

Qifu Technology’s management will conduct an earnings call to discuss these developments. Investors and stakeholders are encouraged to participate to gain deeper insights into the company's strategies and performance metrics.

Frequently Asked Questions

What are the key financial results reported by Qifu Technology?

Qifu Technology reported a total net revenue of RMB4,370.2 million and net income of RMB1,798.8 million in Q3 2024.

How has the user base changed compared to last year?

The user base with approved credit lines increased to 55.2 million, reflecting a 12.2% growth from the same period a year ago.

What significant plans did Qifu Technology announce for shareholders?

Qifu Technology announced a new US$450 million share repurchase plan set to start in January 2025, emphasizing its commitment to shareholder returns.

What does the company expect for future quarters?

Qifu Technology anticipates steady growth in net income for the upcoming quarters, continuing a disciplined approach to risk management.

How has the loan facilitation volume changed?

The total loan facilitation volume amounted to RMB82,436 million, a decline compared to last year but an increase from the previous quarter, indicating a recovery trend.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.