FinVolution Group Reports Third Quarter 2024 Unaudited Financial Results
PR Newswire
SHANGHAI, Nov. 18, 2024
-Third Quarter Total Transaction Volume reached RMB52.2 billion, up 1.8% year-over-year-
-Third Quarter International Transaction Volume reached RMB2.7 billion, up 22.7% year-over-year-
-Third Quarter International Revenues increased to RMB635.5 million, up 8.7% year-over-year, contributing 19.4% of total net revenues-
SHANGHAI, Nov. 18, 2024 /PRNewswire/ -- FinVolution Group ("FinVolution" or the "Company") $(FINV)$, a leading fintech platform in China, Indonesia and the Philippines, today announced its unaudited financial results for the third quarter ended September 30, 2024.
YoY
For the Three Months Ended/As of Change
---------------------------------- -------
September 30, September 30,
2023 2024
--------------------------------- ---------------- ---------------- -------
Total Transaction Volume (RMB in
billions)([) (1]) 51.3 52.2 1.8 %
Transaction Volume (China's
Mainland)([2]) 49.1 49.5 0.8 %
Transaction Volume
(International)([3]) 2.2 2.7 22.7 %
Total Outstanding Loan Balance
(RMB in billions) 65.9 68.1 3.3 %
Outstanding Loan Balance (China's
Mainland)([4]) 64.6 66.5 2.9 %
Outstanding Loan Balance
(International)([5]) 1.3 1.6 23.1 %
--------------------------------- ---------------- ---------------- -------
Third Quarter 2024 China Market Operational Highlights
-- Cumulative registered users[6] reached 166.8 million as of September 30,
2024, an increase of 9.3% compared with September 30, 2023.
-- Cumulative borrowers[7] reached 26.3 million as of September 30, 2024, an
increase of 6.0% compared with September 30, 2023.
-- Number of unique borrowers[8] for the third quarter of 2024 was 2.0
million, a decrease of 13.0% compared with the same period of 2023.
-- Transaction volume[2] reached RMB49.5 billion for the third quarter of
2024, an increase of 0.8% compared with the same period of 2023.
-- Transaction volume facilitated for repeat individual borrowers[9] for the
third quarter of 2024 was RMB43.0 billion, an increase of 1.4% compared
with the same period of 2023.
-- Outstanding loan balance[4] reached RMB66.5 billion as of September 30,
2024, an increase of 2.9% compared with September 30, 2023.
-- Average loan size[10] was RMB10,066 for the third quarter of 2024,
compared with RMB8,505 for the same period of 2023.
-- Average loan tenure[11] was 8.0 months for the third quarter of 2024,
compared with 8.2 months for the same period of 2023.
-- 90 day+ delinquency ratio[12] was 2.50% as of September 30, 2024,
compared with 1.67% as of September 30, 2023.
Third Quarter 2024 International Market Operational Highlights
-- Cumulative registered users[13] reached 32.4 million as of September 30,
2024, an increase of 44.0% compared with September 30, 2023.
-- Cumulative borrowers[14] for the international market reached 6.3 million
as of September 30, 2024, an increase of 43.2% compared with September
30, 2023.
-- Number of unique borrowers[15] for the third quarter of 2024 was 1.4
million, an increase of 50.5% compared with the same period of 2023.
-- Number of new borrowers[16] for the third quarter of 2024 was 0.67
million, an increase of 59.5% compared with the same period of 2023.
-- Transaction volume[3] reached RMB2.7 billion for the third quarter of
2024, an increase of 22.7% compared with the same period of 2023.
-- Outstanding loan balance[5] reached RMB1.6 billion as of September 30,
2024, an increase of 23.1% compared with September 30, 2023.
-- International business revenue was RMB635.5 million (US$90.6 million) for
the third quarter of 2024, an increase of 8.7% compared with the same
period of 2023, representing 19.4% of total revenue for the third quarter
of 2024.
Third Quarter 2024 Financial Highlights
-- Net revenue was RMB3,276.1 million (US$466.8 million) for the third
quarter of 2024, compared with RMB3,197.5 million for the same period of
2023.
-- Net profit was RMB624.1 million (US$88.9 million) for the third quarter
of 2024, compared with RMB574.7 million for the same period of 2023.
-- Non-GAAP adjusted operating income,[17] which excludes share-based
compensation expenses before tax, was RMB599.8 million
(US$85.5 million) for the third quarter of 2024, compared with RMB583.8
million for the same period of 2023.
-- Diluted net profit per American depositary share ("ADS") was RMB2.40
(US$0.34) and diluted net profit per share was RMB0.48 (US$0.07) for the
third quarter of 2024, compared with RMB2.05 and RMB0.41 for the same
period of 2023 respectively.
-- Non-GAAP diluted net profit per ADS was RMB2.55 (US$0.36) and non-GAAP
diluted net profit per share was RMB0.51 (US$0.07) for the third quarter
of 2024, compared with RMB2.16 and RMB0.43 for the same period of 2023
respectively. Each ADS of the Company represents five Class A ordinary
shares of the Company.
([1]) Represents the total transaction volume facilitated in China's Mainland
and the international markets on the Company's platforms during the period
presented.
([2]) Represents our transaction volume facilitated in China's Mainland during
the period presented. During the third quarter, RMB14.6 billion were
facilitated under the capital-light model, for which the Company does not bear
principal risk.
([3]) Represents our transaction volume facilitated in markets outside China's
Mainland during the period presented.
([4]) Outstanding loan balance (China's Mainland) as of any date refers to the
balance of outstanding loans in China's Mainland market excluding loans
delinquent for more than 180 days from such date. As of September 30, 2024,
RMB21.4 billion were facilitated under the capital-light model, for which the
Company does not bear principal risk.
([5]) Outstanding loan balance (international) as of any date refers to the
balance of outstanding loans in the international markets excluding loans
delinquent for more than 30 days from such date.
([6]) On a cumulative basis, the total number of users in China's Mainland
market registered on the Company's platform as of September 30, 2024.
([7]) On a cumulative basis, the total number of borrowers in China's Mainland
market registered on the Company's platform as of September 30, 2024.
([8]) Represents the total number of borrowers in China's Mainland who have
successfully borrowed on the Company's platform during the period presented.
([9]) Represents the transaction volume facilitated for repeat borrowers in
China's Mainland who successfully completed a transaction on the Company's
platform during the period presented.
([10]) Represents the average loan size on the Company's platform in China's
Mainland during the period presented.
([11]) Represents the average loan tenor on the Company's platform in China's
Mainland during the period presented.
([12]) "90 day+ delinquency ratio" refers to the outstanding principal balance
of loans, excluding loans facilitated under the capital-light model, that were
90 to 179 calendar days past due as a percentage of the total outstanding
principal balance of loans, excluding loans facilitated under the
capital-light model on the Company's platform as of a specific date. Loans
that originated outside China's Mainland are not included in the calculation.
([13]) On a cumulative basis, the total number of users registered on the
Company's platforms outside China's Mainland market, as of September 30,
2024.
([14]) On a cumulative basis, the total number of borrowers on the Company's
platforms outside China's Mainland market, as of September 30, 2024.
([15]) Represents the total number of borrowers outside China's Mainland who
have successfully borrowed on the Company platforms during the period
presented.
([16]) Represents the total number of new borrowers outside China's Mainland
whose transactions were facilitated on the Company's platforms during the
period presented.
([17]) Please refer to "UNAUDITED Reconciliation of GAAP And Non-GAAP Results"
for reconciliation between GAAP and Non-GAAP adjusted operating income.
Mr. Tiezheng Li, Chief Executive Officer of FinVolution, commented, "Through strong execution of our Local Excellence, Global Outlook strategy, we have cumulatively served 32.6 million borrowers across China, Indonesia and the Philippines as of the end of the third quarter. We continued to prioritize the acquisition of high-quality borrowers, once again driving the total number of new borrowers across all our platforms beyond the one million mark. Total transaction volume reached RMB52.2 billion, while total outstanding loan balance reached RMB68.1 billion, up 1.8% and 3.3% year-over-year, respectively.
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