Lufax Holding Ltd (LU) Q1 2023 Earnings Call Transcript

Lufax Holding Ltd (NYSE:LU) Q1 2023 Earnings Conference Call May 22, 2023 9:00 PM ET

Company Participants

Liu Xinyan - Head, Board Office and Capital Markets

Y.S. Cho - Co-CEO & Chairman

David Choy - CFO

Gregory Gibb - Co-CEO & Director

Conference Call Participants

Alex Ye - UBS

Emma Xu - Bank of America Merrill Lynch

Richard Xu - Morgan Stanley

Yada Li - CICC

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Lufax Holding Limited First Quarter 2023 earnings call. [Operator Instructions].

Now I'd like to hand the conference over to your speaker host today, Ms. Liu Xinyan, the Company's Head of Board Office and Capital Markets.

Liu Xinyan

Thank you very much. Hello, everyone, and welcome to our first quarter 2023 earnings conference call. Our quarterly financials and our briefly were released by our newswire services earlier today and are currently available online. Today, you will hear from our Chairman and CEO, Mr. Y.S. Cho, who will provide an update of our latest business strategy, the macroeconomic trends and the recent development of our business.

Our co-CEO, Mr. Greg Gibb will then go through our first quarter results and will provide more details on our business priorities and the key drivers. Afterward, our CFO, Mr. David Choy, will offer a closer look into our financials before we open up the call for questions.

Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements. With that, I now pleased to turn over the call to Mr. Y.S. Cho, Chairman and CEO of Lufax. Please.

Y.S. Cho

Thank you for joining. As reflected on the first quarter, it is clear that macro and operating environments continue to pose challenges for many small business owners. However, we are encouraged by some indications of an economic bond, giving us cautious optimism in our U-shape recovery. We remain committed to navigating the challenges that lie ahead and maintain our unwavering focus on building a more resilient business. We continue to exercise patients, prudence and preparedness for the anticipated macro upstream in our SBO segment.

Let me provide some updates for the first quarter. First, there are some signs of a great recovery in the macro environment though they remained unevenly distributed at a nascent stage. China's first quarter GDP growth expanding by 4.5% year-on-year indicated that the country is on track for its 2023 growth target of 5%.