LexinFintech Holdings Ltd. (NASDAQ:LX) Q2 2024 Earnings Conference Call August 27, 2024 10:00 PM ET
Company Participants
Mandy Dong - Head, Investor Relations
Jay Xiao - Chief Executive Officer
Arvin Qiao - Chief Risk Officer
James Zheng - Chief Financial Officer
Conference Call Participants
Yada Li - CICC
Zoe Zou - CLSA
Alex Ye - UBS
Operator
Good day, and thank you for standing by. Welcome to the LexinFintech Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I'd now like to hand the conference over to your first speaker today, Ms. Mandy Dong, Head of IR of Lexin. Please go ahead.
Mandy Dong
Thank you, Amber. Good morning and good evening, everyone. Welcome to Lexin's second quarter 2024 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; CRO, Arvin Qiao; 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 outlooks 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. Arvin will discuss risk management updates. Lastly, James will cover the financial results in more details.
I will now turn the call over to Jay. Please kindly note, different from the past, Jay will give his whole remarks in Chinese. Then, the English version will be delivered via Jay's AI-based voice. Jay, go ahead, please.
Jay Xiao
[Foreign Language]
[Interpreted] Good morning and good evening, everyone. It is my pleasure to share with you our performance for the second quarter of 2024.
Amid the current macroeconomic environment and industry landscape, we have adopted a prudent and steady business strategy, adhering to a dual-driven approach of risk management and data analytics. During the quarter, we proactively controlled our loan origination base, tightened credit standards and overall risk levels has been gradually improving with our profitability steadily increasing.
In the second quarter, total GMV of loan origination reached RMB51.1 billion. The managed loan balance stood at RMB115.2 billion. Revenue was RMB3.64 billion, an increase of 12.3% quarter-over-quarter. Net profit was RMB230 million, an increase of 12.4% quarter-over-quarter. Based on the probability in the first half of the year, Board of Directors has approved a cash dividend distribution of approximately US$0.072 per ADS, continuing to return values to our shareholders.