Qifu Technology Inc. (NASDAQ:QFIN) Q3 2023 Earnings Conference Call November 16, 2023 7:30 PM ET

Company Participants

Wu Haisheng - CEO & Director

Alex Xu - CFO & Director

Yan Zheng - Chief Risk Officer

Conference Call Participants

Richard Xu - Morgan Stanley

Alex Ye - UBS

Emma Xu - Bank of America Securities

Cindy Wang - China Renaissance

Yada Li - CICC

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Qifu Technology Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please also note today's event is being recorded.

At this time, I would like to turn the conference call over to Ms. Karen Chi [ph], Senior Director of Capital Markets. Please go ahead, Karen.

Unidentified Company Representative

Thank you, Desmond. Hello, everyone, and welcome to Qifu Technology's third 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 CIO.

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 non-GAAP financial measures to GAAP financial measures.

Also, please note that unless otherwise stated, all figures mentioned in this call are in RMB term. Before we start, please also note that today's prepared remarks from our CEO will be delivered in English using an AI-generated voice.

Now I will turn the call over to Mr. Wu Haisheng. Please go ahead.

Wu Haisheng

Hello, everyone. Thank you for joining our third quarter earnings conference call. Since the start of the year, the momentum of China's macroeconomic recovery has softened after rebounding earlier in the year with effective demand for consumer credit also coming in weaker than expected. We promptly adjusted our strategic approach to this new market environment by diversifying our customer acquisition channels and refining operations, all with the clear goal of driving high-quality growth and improving profitability. These efforts yielded solid results in Q3.

By the end of the quarter, our platform empowered a total of 155 financial institutions and cumulatively served more than 49 million users with approved credit lines. Total loan facilitation and origination volume on our platform reached RMB123.1 billion, up roughly 11% year-over-year. With the quality of our earnings further improving, our non-GAAP net income for the quarter increased by approximately 14% year-over-year.