CNFinance Holdings Limited (NYSE:CNF) Q3 2023 Earnings Conference Call November 29, 2023 8:00 AM ET

Company Participants

Jun Qian - Director and Vice President

Jing Li - Acting Chief Financial Officer, Assistant President

Conference Call Participants

William Gregozeski - Greenridge Global

Operator

Good day, and welcome to the CNFinance Holdings Limited Third Quarter 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 is being recorded.

I would now like to turn the conference over to Ms. [Jae] (ph), Manager of Capital Marketing. Please go ahead.

Unidentified Company Representative

Good morning and good evening, and welcome to CNFinance third quarter 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 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 and 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, expect, anticipates, future, intends, plans, beliefs, estimates, targets, going forward, outlook and similar statements.

Such statements are based upon management's current expectations and current market and operating conditions and relate to the 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 and 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. Qian Jun.

Jun Qian

[Foreign Language] [Interpreted]

Thank you for taking the time to join this conference call. We will discuss CNFinance quarter of 2023 operating and financial results, and followed by a Q&A section.

During the third quarter of 2023, the company focused on expanding business scale and improving asset quality and achieved year-on-year growth and all important indicators. During the quarter, the company facilitated loans of RMB5.1 billion, increased by 20% year-on-year, and achieved a net income of RMB53 million, increased by 15% year-on-year. Furthermore, as a result of its [Indiscernible] risk control mechanism, the company’s recovery remained at 110%. The company’s highlights for the quarters including the following.