Qifu Technology Inc. (NASDAQ:QFIN) Q2 2023 Results Conference Call August 21, 2023 8:00 PM ET
Company Participants
Wu Haisheng - CEO & Director
Alex Xu - CFO & Director
Yan Zheng - Chief Risk Officer
Conference Call Participants
Alex Ye - UBS
Frank Zheng - Credit Suisse
Emma Xu - Bank of America Securities
Yada Li - CICC
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Qifu Technology Second Quarter 2023 Earnings Conference Call. [Operator Instructions]
At this time, I'd like to turn the conference call over to Ms. [Karin Chi], Senior Director of Capital Markets. Please go ahead, Karin.
Unidentified Company Representative
Thank you, operator. Hello, everyone, and welcome to Qifu Technology's second quarter 2023 earnings conference call. Our earnings release was distributed earlier today and is available on our IR website. Joining me today are Mr. Wu Haisheng, our CEO; Mr. Alex Xu, our CFO; and Mr. Zheng Yan, our CRO.
Before we start, I would like to refer you to our Safe Harbor statement in the earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to GAAP measures. Also, please note that, unless otherwise stated, all figures mentioned in this call are in RMB terms.
Now, I will turn the call over to our CEO, Mr. Wu Haisheng. Please go ahead.
Wu Haisheng
Hello, everyone. Thanks for joining our second quarter earnings conference call.
During the quarter, given the softening macroeconomic recovery and a more cautious sentiment among consumer credit users, we remain committed to our prudent operating strategy and pursue meaningful growth, while maintaining stable risk performance. In Q2, total loan facilitation and origination volume on our platform reached RMB 124.2 billion, up 26.4% year-over-year and a 13.5% quarter-over-quarter, reflecting an accelerated growth trajectory compared to Q1. By the end of Q2, our platform had empowered a total of 153 financial institutions and cumulatively served more than 47 million users with approved credit lines.
Throughout the year, we have made steady progress in advancing our strategic upgrades to further improve profitability, while seeking high-quality growth. This will allow us to increase the margin of safety and strengthen the resilience of our business model against the complex macro environment.
In terms of business growth, we have continued to expand and diversify our customer acquisition channels by partnering with multiple leading credit platforms under the embedded finance model, we have effectively expanded our coverage to the targeted users. We have also developed products tailored to different consumer and SME profiles, addressing varied users' needs and providing additional growth engines for our business.