Qifu Technology announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, non-GAAP net income increased by 71.5% year-over-year to RMB1.97 billion, with non-GAAP net income per diluted ADS surging 91.3% year-over-year to RMB13.7. Full year 2024 non-GAAP net income rose 44% year-over-year to an all-time high of RMB6.42 billion, and non-GAAP net income per diluted ADS increased 55.7% year-over-year to RMB42.4.
The company achieved a full year 2024 return on equity (ROE) of 27.9%. Operational efficiency improved, with new borrowers increasing by 16.2% year-over-year and average acquisition cost per credit line user declining by 5.3%. The embedded finance business saw a 26% increase in new credit line users and a 98% increase in loan volume from 18 new channels.
Asset quality improved significantly in 2024, with the Q4 Day-1 delinquency rate decreased by 0.21 percentage points year-over-year and the 30-day collection rate increased by 3.23 percentage points. The proportion of loan volume from the capital-light segment increased by approximately 10 percentage points to 53% throughout 2024. ABS issuance for the year increased by 21.6% to RMB15.2 billion, further optimizing funding structure.
Qifu Technology also announced a raised semi-annual dividend, reinforcing its commitment to shareholder returns. The company executed USD410 million in share repurchases in 2024, buying back approximately 12% of its share count from the beginning of the year. Total shareholder returns for 2024 reached 100% of its 2023 GAAP net income.
The company is advancing its "AI-plus bank" strategy, planning to develop an agent platform to empower core lending processes for financial institutions. This initiative is expected to reshape operations, boost efficiency, and unlock business value. Qifu Technology also plans to maintain a disciplined approach to international expansion, focusing on markets with stable regulatory environments and solid infrastructure.
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