On November 20th, Qifu Technology, a financial technology company listed on both the US and Hong Kong stock markets, released its Q3 2024 financial report and disclosed the execution status of its share repurchase plan and new plans.
According to disclosure, as of September 30, 2024, the Qifu Technology platform has served 162 financial institutions with a registered user base of 254.3 million, a year-on-year increase of 11.6%. The cumulative number of credit users increased to 55.2 million, a year-on-year increase of 12.2%, and the number of lending users also reached 33.1 million, a year-on-year increase of 12.6%. In terms of financial performance, Qifu Technology's third quarter revenue reached RMB 4.3702 billion, an increase of 5% month on month and 2% year-on-year.
Meanwhile, Qifu Technology has made significant progress in share repurchases. According to the share repurchase plan approved by the board of directors of Qifu Technology on March 12, 2024, the company has repurchased approximately 13.7 million American Depositary Shares (ADS) since April 1, 2024, with a total repurchase amount of approximately $298 million, completing 85% of the $350 million repurchase plan.
In addition, Qifu Technology has announced a new share repurchase plan. On November 19, 2024, the company's board of directors approved a new plan to repurchase up to $450 million worth of American Depositary Shares or Class A common shares over the next 12 months starting from January 1, 2025.
Wu Haisheng, CEO and Director of Qifu Technology, stated that we will continue to invest in financial big model technology, focusing on strengthening the adaptation of financial big models to business, in order to create new business value and better serve user needs. At the same time, leveraging the leading AI big model technology capabilities in the financial industry, we will promote the iterative upgrading of domestic financial big model technology and assist in the high-quality development of China's digital finance.
Chief Financial Officer Xu Zuoli added, "We have continued to execute and effectively advanced a $350 million share repurchase plan, and announced a new $450 million repurchase plan, which further demonstrates our firm commitment to bringing sustainable returns to shareholders
Chief Risk Officer Zheng Yan said, "In the third quarter, we continued to adopt a prudent risk management strategy, and overall risk indicators further improved. Among key forward-looking indicators, the first day delinquency rate was 4.6%, and the 30 day recovery rate was about 87.4%. The 30 day recovery rate reached its best level in the past three years. We expect overall risk performance to be relatively stable in the coming quarters