Qifu Technology announced its unaudited financial results for the third quarter ended September 30, 2024, reporting total net revenue of RMB4,370.2 million, an increase from RMB4,281.0 million in the same period of 2023. Non-GAAP net income for the quarter reached RMB1,825.1 million, significantly up from RMB1,181.0 million year-over-year. Non-GAAP net income per fully diluted ADS was RMB12.35.
The company reported a Day-1 delinquency rate of 4.6% and a 30-day collection rate of 87.4%, with the latter reaching its best level in the past three years. Non-credit risk bearing loans for ongoing services accounted for nearly 55% of the total loan volume, indicating a shift towards a more capital-light model. Total loan facilitation and origination volume on the platform grew for two consecutive quarters, with Q4 loan volume increasing by 9% sequentially to RMB89.9 billion.
In a move to enhance shareholder returns, Qifu Technology's Board of Directors approved a new share repurchase plan for 2025, authorizing the repurchase of up to US$450 million worth of its ADSs or Class A ordinary shares. This new plan follows the ongoing US$350 million share repurchase program, demonstrating the company's commitment to capital allocation.
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