Lufax Holding (LU) has released an update.
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Lufax Holding, a prominent financial services provider for small business owners in China, reported a significant decrease in its total loan balance and a shift to a net loss in the first half of 2024 compared to the same period in 2023. The company’s consumer finance loans saw an increase, and despite a challenging macroeconomic environment, Lufax remains resilient with a strong capital position and strategic ties to Ping An Group. The firm aims to leverage this relationship to bolster its market presence and support China’s small enterprise economy.
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