Qifu Technology Reports Significant Financial Growth in Q3 2024

Qifu Technology, Inc. has reported its financial results for the three and nine months ended September 30, 2024. The company showed a significant increase in net income, with RMB 1,798,797 thousand for the three months and RMB 4,335,449 thousand for the nine months, compared to RMB 1,137,690 thousand and RMB 3,160,889 thousand respectively in the same periods of 2023. The net income attributable to shareholders also rose, reaching RMB 1,802,862 thousand for the quarter and RMB 4,347,677 thousand for the nine months.

The company’s non-GAAP net income, which includes adjustments for share-based compensation expenses, also increased. For the three months ended September 30, 2024, non-GAAP net income was RMB 1,825,136 thousand, and for the nine months, it was RMB 4,443,342 thousand. This represents a growth in non-GAAP net income margins to 41.8% for the quarter and 35.0% for the nine months.

Qifu Technology's operating income also saw a significant rise. For the three-month period, income from operations was RMB 2,289,154 thousand, and for the nine months, it was RMB 5,638,241 thousand. The non-GAAP income from operations, which also accounts for share-based compensation, was RMB 2,315,493 thousand for the quarter and RMB 5,746,134 thousand for the nine months.

The company's cash flow statements showed a net decrease in cash and cash equivalents by RMB 1,830,457 thousand for the three months and RMB 2,506,965 thousand for the nine months. However, the cash, cash equivalents, and restricted cash at the end of the period remained strong at RMB 6,541,857 thousand.

Qifu Technology’s financial performance indicates robust growth and improved profitability, with an increase in both GAAP and non-GAAP income figures. This growth is reflected in the improved margins and higher earnings per share, suggesting a strong operational performance and effective cost management strategies.