360 Finance Inc
Q1 2022 Earnings Call
May 24, 2022, 8:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the 360 DigiTech first quarter 2022 earnings conference call. Please also note today's event is being recorded. At this time, I would like to turn the conference call over to Ms. Mandy Dong, IR director.
Please go ahead, Mandy.
Mandy Dong -- Investor Relations Director
Thank you. Hello, everyone, and welcome to our first quarter 2022 earnings conference call. Our results were issued earlier today and can be found on our IR website. Joining me today are Mr.
Wu Haisheng, our CEO and director; Mr. Alex Xu, our CFO and director; and Mr. Zheng Yan, our CRO. Before we begin the prepared remarks, I'd like to remind you of our safe harbor statement in our earnings press release, which also applies to this call.
We may refer to forward-looking statements based on our current plans, estimates, and projections. Also, this call includes discussions of certain non-GAAP measures. Please refer to our earnings release for a reconciliation between non-GAAP and GAAP ones. Last, unless otherwise stated, all figures mentioned are in RMB.
I will now turn the call over to our CEO, Mr. Wu Haisheng.
Haisheng Wu -- Chief Executive Officer
[Foreign language]
Unknown speaker
Hello, everyone. I'm very happy to report a strong start to 2022. In Q1, total loan origination and the facilitation volume reached RMB 98.8 billion, up 33% year on year and 2% Q on Q. Outstanding loan balance reached RMB 146.7 billion, up 44% year on year and 3% Q on Q.
Despite the seasonal impact from the Chinese New Year and the macro and COVID headwinds, our solid performance continued to demonstrate the resilience and flexibility of our operations.
Haisheng Wu -- Chief Executive Officer
[Foreign language]
Unknown speaker
I reckon the major concern to the market right now is the COVID outbreaks. To deal with the situation, we created precautionary plans to take rapid response measures to make the impact on our business under control. Such an effective response derived from our successful experience handling the pandemic that hit Wuhan back in 2020. But then, our response was seen as very timely and effective in the industry.