Lufax Holding Ltd. (LU) has released an update.
Lufax Holding Ltd., a key player in China’s financial services for small businesses, reported a significant downturn in its financial performance for Q1 2024, with a net loss of RMB830 million and a decrease in total income to RMB6,964 million. The company also saw a dramatic 45.4% drop in the outstanding balance of loans enabled, while the number of borrowers grew by 12.4%. Despite these challenges, the company’s strategic focus on quality and diversification, including a shift towards consumer finance products, signals a move towards long-term stability.
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