Q2 2024 FinVolution Group Earnings Call Transcript
Key Points
- FinVolution Group (FINV) achieved a 6% year-over-year increase in transaction volume in China, reaching RMB92.5 billion.
- International transaction volume soared by 32% year-over-year to RMB4.5 billion, showcasing strong global growth.
- The number of new borrowers in the Philippines grew robustly by 198% year-over-year and 69% sequentially.
- The company reported a stable average borrowing rate in China at 22.2%, indicating strong financial inclusion efforts.
- FinVolution Group (FINV) has a robust balance sheet with short-term liquidity maintaining a healthy level at RMB8.1 billion.
- China's overall retail sales slowed to 2% growth year-over-year in June, reflecting a less than optimal recovery trajectory.
- The daily application rate of repeat borrowers in China declined by mid-single digits, indicating weak consumer confidence.
- Sales and marketing expenses increased by 5% sequentially to RMB473 million, reflecting higher costs.
- Despite improvements, the macro environment in China remains uncertain, posing ongoing challenges.
- The company faces increased competition in the China consumer market, which has slowed down and entered a stage of heightened competition.
Hello, ladies and gentlemen. Thank you for participating in the Second Quarter 2024 Earnings Conference Call for FinVolution Group. At this time, all participants are in listen-only mode. After managements' prepared remarks, there will be a question and answer session. Today's conference call is being recorded.
I would now like to turn the call over to your host, Jimmy Tan, Head of Investor Relations for the company. Jimmy, please go ahead.
Thank you, Alison. Hello, everyone, and welcome to our second quarter 2024 earnings conference call. The company results were issued via Newswire services earlier today and are posted online. You can download the earnings release and sign up for the company email alerts by visiting the IR section of our website at irr.finvgroup.com.
Mr. Tiezheng Li, our Chief Executive Officer, and Mr. Jiayuan Xu, our Chief Financial Officer, will start the call with their prepared remarks and conclude with a Q&A session.
During this call, we will be
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