CNFinance Holdings Limited (NYSE:CNF) Q2 2024 Earnings Conference Call August 27, 2024 8:00 AM ET
Company Participants
Jun Qian - VP & Director
Jing Li - Acting CFO, Assistant President and Head of Department of Finance & Internal Control
Operator
Hello, and welcome to the CNFinance Holdings Limited First Half of 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to [Simon Tong] (ph), Manager of the Capital Markets Department. Please go ahead.
Unidentified Company Representative
Thank you, Joe. Good morning and welcome to the CNFinance First Half of 2024 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 section.
Before we started, 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 US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates, targets, going forward, outlook, and similar statements.
Such statements are based upon management's current expectation 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 these and other risks, uncertainties or factors is included in the company's filings with the US Securities and Exchange Commission.
The company does not take any obligation to update any forward-looking statement 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]
Good day, everyone. Thank you for joining us today. In the first half of 2024 our focus was [squarely] (ph) on navigating the microeconomic uncertainties by reinforcing our business fundamentals and ensuring the quality of our assets.
During this period, we originated loans of RMB6.9 billion. As of June 30, 2024, our outstanding loan principal was approximately RMB16 billion, reflecting a year-over-year growth of about 10%. To manage the potential risks, we continue refining our credit approval strategy and strengthened our efforts in collecting and disposing of non-performing loans. As a result, we maintained our non-performing loans ratio at approximately 1.2% as of June 30, 2024, consistent with the level at the end of last year.