News summary

Lexin's revenue increased by 8.8 in the first quartercoinmasterspinsgratis2020.7%coinmasterspinsgratis2020, the transaction volume was 58 billion yuan, and the balance of loans under management increased by 13% year-on-yearcoinmasterspinsgratis2020.5%, with more than 215 million users. The risk management system for new customers was launched, the credit approval rate for new customers increased by more than 30%, and financial cooperation was introduced to large national financial institutions, driving the cost of capital down.

Newsletter text

Lexin (LX.US) revenue exceeded 3.2 billion yuan in the first quarter of 2024, China's new consumer digital technology service provider Lexin recently announced its financial results for the first quarter of 2024. Its revenue reached 3.24 billion yuan, recording a year-on-year growth of 8.7%, demonstrating its continued steady development trend.

The transaction scale and user growth were significant. In the quarter, Lexin's transaction volume reached 58 billion yuan, and the balance of loans under management was 121.51 billion yuan, achieving year-on-year growth of 13.5% and 10.8% respectively. The number of users also showed strong growth, reaching 215 million, a year-on-year increase of 10.8%.

Continue to optimize asset quality and risk management Lexin vigorously implements the Low&Grow new customer risk management system and strengthens the processing and recovery of existing risk assets, with a view to reducing the impact of macroeconomic and industry risk cycles. By the end of March, the asset quality of new customers had improved, the credit pass rate of new customers had surged by more than 30%, the proportion of high-quality customers increased from 24% in January to 40% in March, and the early risk indicator of new customer assets FPD30 continued to decrease.

Progress has been made in capital cooperation and cost optimization. In terms of capital cooperation, Lexin attracted people in the current quarter.coinmasterspinsgratis2020A number of large national financial institutions have been established, the proportion of capital has increased significantly, and the cost of capital has dropped by 34 basis points month-on-month, setting a new record low. In May, the company launched an international 3A rating of ABS, indicating a further decline in capital costs.