The following is a summary of the FinVolution Group (FINV) Q1 2024 Earnings Call Transcript:
Financial Performance:
FinVolution reported Q1 total net revenues of RMB3.17 billion, an increase of 4% year-over-year.
Net income was RMB532 million, up 1% quarter-over-quarter.
The transaction volume in China reached RMB46 billion, an increase of 10% from the same period last year.
Outstanding loan balance increased to RMB64 billion in China, up 4.4% year-over-year, and RMB1.27 billion internationally, up by 34% year-over-year.
International business revenue for the quarter reached RMB595 million, an increase of 33% from Q1 the previous year, representing 19% of total revenues.
Business Progress:
FinVolution served approximately 31 million borrowers across China, Indonesia, and the Philippines by the conclusion of the first quarter.
Progress continues in technology with the release of three papers selected for an Annual AI Conference and development of proprietary technology to increase programmer efficiencies.
With a strategy to enhance its risk assessment model and adjust approval rates, the company ensures stability in its risk metrics amid challenging economic conditions.
Expansion in international markets such as Indonesia and the Philippines is progressing smoothly with growing business operations. Significant progress has been achieved in local license acquisition.
In terms of ESG efforts, facilitated loans for small business owners increased by 26% year-over-year.
The company returned around US$630 million to its shareholders over the past six years and plans to continue using high-quality growth and capital returns for creating long-term shareholder value.
More details: FinVolution IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.