Stock Track | LexinFintech Holdings Soars 8.67% as Q3 Profit Surges on Improved Asset Quality and Lower Funding Costs

Stock Track11-27

LexinFintech Holdings Ltd. (NASDAQ: LX) witnessed a remarkable surge of 8.67% in its stock price during the pre-market trading session on Wednesday, driven by the company's robust financial performance in the third quarter of 2024 and optimistic outlook for the future.

The Chinese fintech giant reported a staggering 36.7% year-over-year increase in net profit to RMB310 million, despite facing a decline in loan origination volumes. This impressive profit growth was fueled by several key factors:

Improved asset quality, leading to lower loan loss provisions and higher net interest margins.
Reduced funding costs, with the company achieving a record low of 4.28%, nearly 100 basis points lower than the previous quarter.
Successful implementation of strategic initiatives aimed at diversifying revenue streams and optimizing risk management.

While LexinFintech's operating revenue grew modestly by 4.4% year-over-year to RMB3.7 billion, reflecting the company's ongoing transformation and diversification efforts, the significant improvement in profitability was the primary driver behind the stock's surge. Investors welcomed the strong financial performance and the company's optimistic outlook, as evidenced by the sharp increase in share price during the pre-market trading session.

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This impressive profit growth was fueled by several key factors:\n<ul>\n<li>Improved asset quality, leading to lower loan loss provisions and higher net interest margins.</li>\n<li>Reduced funding costs, with the company achieving a record low of 4.28%, nearly 100 basis points lower than the previous quarter.</li>\n<li>Successful implementation of strategic initiatives aimed at diversifying revenue streams and optimizing risk management.</li>\n</ul>\n</p>\n\n<p>While LexinFintech's operating revenue grew modestly by 4.4% year-over-year to RMB3.7 billion, reflecting the company's ongoing transformation and diversification efforts, the significant improvement in profitability was the primary driver behind the stock's surge. 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(NASDAQ: LX) witnessed a remarkable surge of 8.67% in its stock price during the pre-market trading session on Wednesday, driven by the company's robust financial ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LX","symbol_name":"乐信","start_time":0,"source_url":"","article_id":"1123919336","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1123919336","pubTimestamp":1732718604,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"LexinFintech Holdings Ltd.  witnessed a remarkable surge of 8.67% in its stock price during the pre-market trading session on Wednesday, driven by the company's robust financial performance in the third quarter of 2024 and optimistic outlook for the future.The Chinese fintech giant reported a staggering 36.7% year-over-year increase in net profit to RMB310 million, despite facing a decline in loan origination volumes. 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