LexinFintech Holdings Ltd. (NASDAQ:LX) Q3 2023 Results Conference Call November 22, 2023 9:00 PM ET
Company Participants
Mandy Dong - Director of Investor Relations
Jay Xiao - Chief Executive Officer
Jared Wu - President
James Zheng - Chief Financial Officer
Conference Call Participants
Alex Ye - UBS
Yada Li - CICC
Betty Li - CLSA
Operator
Good day and thank you for standing by. Welcome to LexinFintech's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
It is now my pleasure to hand you over to the IR Director, Ms. Mandy Dong. Please go ahead, ma'am.
Mandy Dong
Thank you, Amber. Hello, everyone. Welcome to the Lexin's third quarter 2023 earnings conference call. Our results were issued earlier today and can be found on our IR website. Joining me today are our CEO, Jay Xiao; President, Jared Wu; and CFO, James Zheng.
Before we get started, I'd like to remind you of our safe harbor statement in our earnings press release, which also applies to this call. During the call, we may refer to business outlook and forward-looking statements, which are based on our current plans, estimates and projections. The actual results may differ materially, and we undertake no obligation to update any forward-looking statements. Last, unless otherwise stated, all figures mentioned are in RMB.
Jay will first provide an update on our overall performance. James will cover the financial results in more details. And lastly, Jared will then discuss risk management.
I will now turn the call over to Jay. His remarks will be in Chinese and the English translation will follow.
Jay Xiao
Hello, everyone. It's a pleasure to share with you our performance for the third quarter of 2023.
In the face of the current industry-wide and the macroeconomic challenges, we adopted our prudent and steady strategy in the third quarter despite a slight volatility in asset quality. We reasonably tightened our risk strategy to balance growth and quality. In the third quarter, we adhered to the dual-wheel drive of risk and data, pushed forward the refinement of operations and continued to strengthen our fundamental capabilities, recording another solid growth performance.
Transaction volume was RMB 63.3 billion, up 13% year-over-year. Loan balance under management was RMB 120.7 billion, up 28% year-over-year. Revenue was RMB 3.5 billion, up 30.4% year-over-year. Net profit was RMB 371 million, up 34.4% year-over-year.