Qifu Technology, Inc. (NASDAQ:QFIN) Q3 2024 Results Conference Call November 19, 2024 7:30 PM ET
Company Participants
Karen Ji - Senior Director, Capital Markets
Haisheng Wu - CEO
Alex Xu - CFO
Conference Call Participants
Richard Xu - Morgan Stanley
Alex Ye - UBS
Emma Xu - Bank of America
Cindy Wang - China Renaissance
Yada Li - CICC
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Qifu Technology Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note that today's event is also being recorded.
At this time, I would like to turn the conference call over to Ms. Karen Ji, Senior Director of Capital Markets. Please go ahead, Karen.
Karen Ji
Thank you, operator. Hello, everyone, and welcome to Qifu Technology's Third Quarter 2024 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 CRO.
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 terms. Before we start, we would like to let you know 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.
Haisheng Wu
Hello, everyone. Thank you for joining us today. Autumn is a season of harvest, and we are pleased to share that our hard work has yielded remarkable results this quarter. Since the start of 2024, we have adhered to a strategy of prudent operations, optimizing risk performance and boosting operational efficiency. These initiatives have led to substantial improvements in our risk metrics and record profitability in Q3.
Our solid business foundation has provided us with a margin of safety to pursue moderate sequential growth. In Q3, our loan volume stabilizes and begins bottoming out. Meanwhile, we continue to iterate on our business model to build a more open ecosystem. Through a platform approach, we are creating value for both users and financial institutions, broadening our business boundaries and strengthening our operational resilience. By the end of Q3, our platform had empowered a total of 162 financial institutions and served more than 55 million users with approved credit lines on a cumulative basis.