LexinFintech Holdings Reports Q3 2024 Financial Results

LexinFintech Holdings Ltd. has released its unaudited financial results for the three and nine months ending September 30, 2024. The company reported a net income of RMB 309,557,000 for the third quarter of 2024, compared to RMB 370,625,000 in the same period of 2023. For the nine months ending September 30, 2024, net income was RMB 737,711,000, down from RMB 1,053,848,000 in the previous year.

The gross profit for the third quarter of 2024 was RMB 1,207,378,000, compared to RMB 1,356,343,000 in 2023. Total operating expenses for the same period were RMB 675,878,000, slightly higher than RMB 622,759,000 in 2023.

LexinFintech's operating expenses included sales and marketing expenses of RMB 437,996,000, research and development expenses of RMB 148,930,000, and general and administrative expenses of RMB 88,952,000 for the third quarter of 2024.

The company also reported a decrease in the change in fair value of financial guarantee derivatives and loans at fair value, from a loss of RMB 245,568,000 in 2023 to RMB 151,431,000 in 2024.

LexinFintech's income before income tax expense was RMB 381,720,000 for the third quarter of 2024, compared to RMB 486,104,000 in 2023. The income tax expense for the same period was RMB 72,163,000, down from RMB 115,479,000 in 2023.

Net income attributable to ordinary shareholders of the company for the third quarter of 2024 was RMB 309,557,000, with basic net income per ordinary share at RMB 0.93 and diluted at RMB 0.92. For the nine months ending September 30, 2024, the adjusted net income attributable to ordinary shareholders was RMB 812,659,000.

The company's total comprehensive income for the third quarter of 2024 was RMB 304,133,000, compared to RMB 370,663,000 in 2023.

LexinFintech's weighted average ordinary shares outstanding for basic and diluted purposes were 331,356,003 and 336,606,267, respectively, for the third quarter of 2024.

The financial results indicate a decrease in net income and comprehensive income compared to the previous year, reflecting challenges in maintaining profitability amidst increased operating expenses and changes in financial derivatives.