CNFinance Holdings Ltd (NYSE:CNF) Q2 2023 Earnings Conference Call August 29, 2023 8:00 AM ET

Company Participants

Matthew Lou - IR Manager

Jun Qian - Director & VP

Jing Li - Acting CFO

Conference Call Participants

William Gregozeski - Greenridge Global

Operator

Good day, and welcome to the CNFinance Holdings Ltd Second Quarter and First Half of 2023 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event being recorded.

I would now like to turn the conference over to Matthew Lou, IR Manager. Please go ahead.

Matthew Lou

Thank you, Kate. Good morning, and evening, and welcome to the CNFinance second quarter and first half of 2023 financial results conference call. In today's call, our Director and Vice President, Mr. Jun Qian will walk us through the operating results followed by the financial results from our acting CFO, Ms. Li. After that, we will have a Q&A session.

Before we start, I would like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended. And as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminologies such as will, expects, anticipates, future, intends, plans, believe, estimates, target, going forward, outlook and similar statements.

Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.

Further information regarding this and other risks, uncertainties or factors is included in the company's filings with the U.S. Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under law.

Now please welcome Mr. Jun Qian.

Jun Qian

[Foreign Language]

[Interpreted] Thank you for taking the time to join this conference call. We will discuss CNFinance second quarter and first half of 2023 operating and financial results and followed by a Q&A session.

During the second quarter and first half of 2023, the company achieved year-over-year growth in major performance indicators. In the second quarter of 2023, the total loan origination volume was RMB4.5 billion, representing a year-on-year increase of 45%. Total interest income was RMB430 million, representing a year-on-year increase of 5%. Net income came in at RMB44 million, representing a year-on-year increase of 142%. In the first half of 2023, total loans originated was RMB8 billion (ph), representing a year-on-year increase of 43%. Total interest income was RMB885 million, representing a year-on-year increase of 7%. The net income was RMB93 million, representing a year-on-year growth of 52%. In the first half of 2023, we focused on achieving high-quality development and accomplished the following tasks.