LexinFintech Holdings Lid. (NASDAQ:LX) Q3 2024 Results Conference Call November 25, 2024 9:00 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
Yuying Zou - CLSA

Operator

Good day, and thank you for standing by. Welcome to LexinFintech Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the call over to your first speaker today, Ms. Mandy Dong. Thank you. Please go ahead.

Mandy Dong

Thank you, Desmond. Good morning, and good evening, everyone. Welcome to Lexin's Third 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 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. Arvin will discuss risk management updates. Lastly, James will cover the financial statements in more detail.

I will now turn the call over to Jay. Please kindly note, in today's agenda, 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

Good morning, and good evening, everyone. It is my pleasure to share with you our performance for the third quarter of 2024. In the third quarter, we remain committed to a prudent and steady operational strategy driven by risk management upgrade and deep data analytics. This approach has allowed us to reduce our overall portfolio's risk and improve our asset quality. As low-risk new loans continue to grow, our overall asset structure is gradually improving.

In the third quarter, loan originations reached RMB 51 billion. Outstanding loan balance stood at RMB 111.3 billion. Revenue was RMB 3.7 billion, and net profit was RMB 310 billion, with both revenue and net profit returning to a steady growth trajectory. As the fundamental of our portfolio continue to strengthen, we expect to see further improvements in the company's revenue and net profit in the future.