Earnings ·
Lufax reports Q3 net loss of RMB1.49B on higher credit impairment losses
LULufax Holding Ltd
Lufax Holding Ltd reported a third-quarter net loss of RMB1,494 million (US$223 million), widening from RMB380 million in the prior-year period. Total income declined 4.6% to RMB6,180 million as technology platform and guarantee fees fell sharply. Credit impairment losses rose 10.3% to RMB4,511 million, driven by increased actual loan losses and provisions. Operating expenses excluding credit costs dropped 13.4% year over year due to cost discipline. New loans enabled grew 2.5% to RMB58.3 billion, supported by a 25.2% surge in consumer finance lending. The company operates as a financial services enabler for small business owners in China.