Lufax Holding Ltd (NYSE:LU) Q3 2023 Earnings Conference Call November 13, 2023 8:00 PM ET
Company Participants
Liu Xinyan - Head of Board Office and Capital Markets
Y. S. Cho - Co-CEO and Chairman
Gregory Gibb - Co-CEO
David Choy - CFO
Conference Call Participants
Emma Chu - Bank of America
Alex Ye - UBS
Yada Li - CICC
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Lufax Holding Limited Third Quarter 2023 Earnings Call. [Operator Instructions] Please note this event is being recorded.
Now I would like to hand the conference over to your speaker host today, Ms. Liu Xinyan, the Company's Head of Board Office and Capital Markets. Please go ahead, ma'am.
Liu Xinyan
Thank you, operator. Hello, everyone, and welcome to our third quarter earnings conference call. Our quarterly financial and operating results 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 strategies, the macroeconomic trend and the recent development of our business. Our Co-CEO, Mr. Greg Gibb, will then go through our third quarter results and provide more details on our business priorities. Afterwards, 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'm now pleased to turn over the call to Mr. Y.S. Cho, Chairman and CEO of Lufax. Y.S., please.
Y. S. Cho
Thank you for joining today's call. While the macro economies recovered gradually in the fourth quarter. The small business segments, still face a complex landscape and needs more time to recover. We continue to purchase virtual derisking and diversification, maintaining our asset quality with the goal of improving our asset quality overall for long-term, healthy and sustainable growth.
During the third quarter, while high quality loan demand from SBO remains weak. Our customer finance business recorded a healthy growth, with the new loan sales volume increased of 15.3% sequentially and 48.5% from the same period last year. We are also taking steps to further diversify our operations, by acquiring a virtual bank in Hong Kong.