On the 26th, Lexin (NASDAQ: LX) released its unaudited financial results for the third quarter of 2024, with revenue of 3.66 billion yuan and profit (Non GAAP EBIT) of 409 million yuan, an increase of 33.2% compared to the previous quarter.
According to the financial report, thanks to continuous risk and data infrastructure development, the quality of newly added assets has improved quarter by quarter, the overall asset structure of the market is better and healthier, various risk indicators have improved comprehensively, the cost of funds has decreased, and the performance has ushered in high-quality growth.
In terms of risk, high-quality assets accounted for over 75% of the newly added assets in the third quarter, and the early risk indicator FPD7 decreased by about 13% month on month; The market's call in rate decreased by about 9% compared to the second quarter. At the same time, the cost of funds in the third quarter hit a new historical low, with a decrease of 98 basis points compared to the second quarter.
In order to better fulfill its shareholder return commitment and demonstrate the company's long-term development confidence, Lexin has decided to increase its dividend payout on the basis of continuing to distribute dividends twice a year (the first half of the year dividend was already distributed in October). Approved by the board of directors, starting from 2025, the dividend ratio of Lexin will increase from the current 20% of net profit to 25%.
LeXin CEO Xiao Wenjie stated that in the past year, we have been operating prudently, continuously strengthening our risk management capabilities, focusing on high-quality customer groups, and promoting the improvement of our company's refined operational capabilities, achieving significant progress. The company's overall assets are healthier and the structure is more favorable, with risks reaching a turning point and asset profitability beginning to recover.