OneConnect Financial Technology (OCFT) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 25, 2022 9:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. And welcome to OneConnect's First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, we will have a question-and-answer session. [Operator Instructions] Please note, this event is being recorded.

Now, I'd like to hand the conference over to your speaker host today, Ms. Danielle Gao, the company's Head of Investor Relations. Please go ahead, Ms. Gao.

Danielle Gao

Thank you very much. Hello, everyone and welcome to our first quarter 2022 earnings conference call. Our financial and operating results were released earlier today. The results of today's presentation is currently available on our IR website. In this conference we have our Chairman, Mr. Ye Wangchun joining, you will hear from our CEO, Mr. Shen Chong Feng for his opening remarks and Q1 business highlights, afterwards our CFO, Mr. Luo Yongtao [Technical Difficulty] okay, sorry, in this conference we have our Chairman, Mr. Ye Wangchun joining, you will hear from our CEO, Mr. Shen Chong Feng for his opening remarks and Q1 business highlights, afterwards our CFO, Mr. Luo Yongtao will offer a closer look into our financials. And then in Q&A session, our Board Secretary Mr. Michael Fei; and our Chief Technology Officer, Mr. [indiscernible] will be available too.

Before we joining, I would like to refer you to our safe harbor statement in our earnings press release as we will be making forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that we may present both IFRS and non-IFRS financial measures as well as adjusted profit margins. A discussion of the limitation of non-IFRS measures and the reconciliation to IFRS measures is included in the earnings press release.

With that, I'm now pleased to pass the call to our CEO, Mr. Shen Chong Feng.

Shen Chong Feng

[Foreign Language]

Good morning, everyone. I'm Shen Chong Feng. Thank you for taking the time to join OneConnect's 2022 first quarter earnings release. In the first quarter, the global economy experienced greater uncertainties due to instability and COVID outbreaks. Nevertheless, OneConnect overcame these difficulties and kicked off 2022 with solid performance.

[Foreign Language]

Total revenue reached RMB1.02 billion in the first quarter representing a year-on-year growth of 24.3%, a RMB340 million. Third-party revenue was up by 10.5% year-on-year. Adjusted net loss ratio was near double-digit improvement narrowed to 27.6%. Our strong results in Q1 came from effective execution and implementation of second stage strategy and the concerted efforts of everyone at OneConnect.