Q2 2024 X Financial Earnings Call Transcript
Key Points
- Net income for the quarter grew significantly, reaching a record high.
- Total net revenue increased by 12.5% year-over-year and 14% sequentially.
- The company initiated a 20 million share repurchase program, enhancing shareholder value.
- Delinquency rates for outstanding loans improved, indicating better asset quality.
- The company expects loan volumes to gradually recover in the second half of the year.
- Total loan amount facilitated and originated decreased by 2% year-over-year.
- Origination and service expenses increased by 19% year-over-year.
- Provision for loans receivable increased significantly, indicating higher risk.
- Borrower acquisition and marketing expenses decreased by 3%, potentially impacting future growth.
- The average loan size has decreased significantly, reflecting a cautious risk management approach.
Hello, and welcome to the X Financial second quarter 2024 earnings conference call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Victoria Yu. Please go ahead.
Thank you, operator.
Hello, everyone, and thank you for joining us today. The company's results were released earlier today and are available on the company's IR website at ir.xiaoyinggroup.com. On the call today from X Financial are Mr. Kan Li, President and Mr. Frank Fuya Zheng, Chief Financial Officer. Mr. Li will give a brief overview of the company's business operations and highlights, followed by Mr. Zheng, who will go through the financials.
They are all available to answer questions during the Q&A session. I remind you that this call may contain forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and current market and operating
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