X Financial ( ($XYF) ) has released its Q3 earnings. Here is a breakdown of the information X Financial presented to its investors.
X Financial is a prominent online personal finance company based in China, specializing in connecting borrowers with institutional funding partners through its advanced big data-driven technology. The company operates primarily in the financial services sector, focusing on loan facilitation and origination under a robust risk assessment system.
In its latest earnings report for the third quarter of 2024, X Financial showcased robust financial performance, despite a slight year-over-year decline in the total loan amount facilitated. The company reported an increase in net revenue and operational income, indicating strong business momentum and effective strategic execution.
Key highlights from the quarter include a 13.3% increase in total net revenue to RMB1,582.5 million, driven by an uptick in various revenue streams, including a significant rise in guarantee income. Meanwhile, the total number of active borrowers increased by 8.6% year-over-year. X Financial’s asset quality also showed improvement, with delinquency rates for loans past due decreasing compared to previous quarters.
The company’s strategic focus on borrower acquisition and risk management paid off, as reflected in the rise in non-GAAP adjusted net income, which stood at RMB433.6 million, marking a record high. The company also extended its share repurchase program, signaling confidence in its growth and commitment to returning value to shareholders.
Moving forward, X Financial’s management remains optimistic, expecting favorable macroeconomic conditions to bolster its performance. The company anticipates a record monthly loan volume in the fourth quarter, reflecting its strategic agility and market responsiveness.
