Here’s the 300-word article ready for publication:
X Financial Sees Impressive 13% Revenue Growth in Q3 2024
Strong Financial Performance Drives Company Forward
X Financial has reported exceptional financial results for the third quarter of 2024, demonstrating robust growth and improved operational efficiency. The leading financial technology company achieved a remarkable 13.3% increase in total net revenue, reaching RMB1,582.5 million (US$225.5 million) compared to the same period in 2023.
Record-Breaking Profitability and Strategic Expansion
The company’s non-GAAP adjusted net income hit a new record high of RMB434 million, representing a 16% year-over-year increase. Despite a 4% year-on-year decline in total loan volumes, X Financial saw a significant 25% sequential growth, with total loan facilitation and origination reaching RMB28 billion.
A key highlight of the quarter was the substantial improvement in asset quality. Delinquency rates for loans past due 31-60 days and 91-180 days decreased to 1.02% and 3.22% respectively, showcasing the company’s enhanced risk management capabilities and technological advancements.
The positive performance is further bolstered by the Chinese government’s comprehensive stimulus package introduced in September 2024. This economic intervention is expected to provide meaningful support to the macroeconomic recovery and personal finance market, positioning X Financial for continued growth.
The company’s strategic financial management is evident in its new US$20 million share repurchase plan and ongoing commitment to shareholder value. Management remains optimistic, projecting monthly loan volumes to exceed RMB10 billion in the fourth quarter.
Looking ahead, X Financial anticipates total loan facilitation and origination between RMB30.0 billion and RMB31.0 billion for the fourth quarter, with full-year projections ranging from RMB102.6 billion to RMB103.6 billion.
These results underscore X Financial’s resilience, strategic positioning, and potential for continued growth in the dynamic financial technology landscape.
