#China #Shenzhen #X Financial #financial results #personal finance

X Financial's Q4 and FY 2024 Unaudited Financial Results

X Financial, a prominent player in China's online personal finance sector, provided a robust summary of its financial performance for the fourth quarter and the fiscal year ended December 31, 2024. The report highlights the company's considerable growth in loan facilitation, net revenue, and net income, underscoring its operational strength and market adaptation.

Key Financial Metrics

For the fourth quarter, X Financial reported the following noteworthy figures:

• - Total Loan Amount Facilitated: RMB 32.3 billion, a significant increase from RMB 26.1 billion year-on-year, showcasing a growth of 23.6%.
• - Active Borrowers: The number of active borrowers soared to 2.12 million, compared to 1.6 million in Q4 of the previous year, marking an impressive year-on-year growth of 32.2%.
• - Outstanding Loan Balance: The total outstanding loan balance rose to RMB 52.3 billion, up from RMB 48.8 billion.

In terms of financial outcomes for Q4 2024:

• - Net Revenue: Reached RMB 1.71 billion, up 43.3% from RMB 1.19 billion during the same quarter last year.
• - Income from Operations: Grew to RMB 525.2 million, compared to RMB 254.2 million from the previous year, representing an increase of 106.6%.
• - Net Income: Increased to RMB 385.6 million, more than double the RMB 189.0 million reported last year.

Full Year 2024 Summary

For the entire fiscal year, X Financial reported:

• - Total Net Revenue: RMB 5.87 billion, an increase of 22% from 4.81 billion in 2023.
• - Net Income: Reached RMB 1.54 billion, up 29.8% compared to the prior year.
• - Shareholder's Returns: The robust balance sheet reflects a healthy financial outlook, with total shareholders' equity increasing by 19% from the previous year.

Strategic Initiatives and Market Conditions

Kent Li, President of X Financial, expressed satisfaction with the results, attributing the growth to favorable conditions within the macroeconomic landscape and the company's strategic initiatives aimed at enhancing asset quality. He noted, “Our unwavering commitment to improving operational efficiencies and asset quality has led to unprecedented growth.”

In the latter half of 2024, the Chinese government implemented various financial measures, aiding liquidity and bolstering sectors such as real estate, which directly benefited X Financial's operational domain.

Technological Integration

X Financial has also begun increasing its investments in AI technologies to enhance customer service and operational efficiencies. Exciting developments include the introduction of AI-driven customer service solutions, which utilize advanced generative models to provide real-time assistance and improve overall service quality. This integration aims to streamline processes while simultaneously elevating customer experience.

Future Outlook

The company has set ambitious targets for 2025, forecasting loan volumes to rise by approximately 30%. For the first quarter of 2025, projected loan amounts range between RMB 33.5 billion and RMB 34.5 billion. X Financial remains optimistic about growth opportunities in a favorable market environment and plans to leverage its technological advancements to drive further success.

Conclusion

X Financial's quarterly and annual results not only reflect its operational prowess but also highlight its effective risk management strategies and commitment to innovation. As it moves into 2025, X Financial is well-positioned to capitalize on its strengths and continue its growth trajectory in the online personal finance sector.