Lufax Holding Ltd, a prominent financial services provider for small business owners in China, reported its unaudited financial results for the fourth quarter and full year of 2023 on March 21, 2024. The company experienced a significant decrease in total income, reporting RMB6,857 million in the fourth quarter of 2023, a 44.3% drop from RMB12,318 million in the same period of 2022. Net loss also increased slightly to RMB832 million in the fourth quarter of 2023, up from RMB806 million in the previous year. The full-year results reflected a similar trend, with total income and net profit declining by 41.1% and 88.2% year-over-year, respectively. Operational highlights indicated a substantial decrease in the outstanding balance of loans enabled, which fell by 45.3% to RMB315.4 billion, and a 39.6% reduction in new loans enabled in...Show More

Lufax Holding Ltd, a prominent financial services provider for small business owners in China, reported its unaudited financial results for the fourth quarter and full year of 2023 on March 21, 2024. The company experienced a significant decrease in total income, reporting RMB6,857 million in the fourth quarter of 2023, a 44.3% drop from RMB12,318 million in the same period of 2022. Net loss also increased slightly to RMB832 million in the fourth quarter of 2023, up from RMB806 million in the previous year. The full-year results reflected a similar trend, with total income and net profit declining by 41.1% and 88.2% year-over-year, respectively. Operational highlights indicated a substantial decrease in the outstanding balance of loans enabled, which fell by 45.3% to RMB315.4 billion, and a 39.6% reduction in new loans enabled in the fourth quarter of 2023. Despite these challenges, the company completed major de-risking and diversification initiatives, including adjustments to its business model and product mix. Lufax also announced a special dividend of approximately RMB10 billion, subject to shareholder approval at the annual general meeting scheduled for May 30, 2024. The company's outlook for 2024 anticipates new loan sales to be between RMB190 billion to RMB220 billion, with a year-end loan balance projected in the range of RMB200 billion to RMB230 billion.