OneConnect Reports Revenue Dip but Net Profit Rises

OneConnect Financial Technology (OCFT) has released an update.

OneConnect Financial Technology Co., Ltd. reports a significant reduction in revenue from continuing operations with a 22.8% drop for the first half of 2024 compared to the same period in 2023, but has seen a decrease in operating loss by 9.3% and an overall net profit due to gains from the disposal of its virtual banking business. Despite the dip in revenue, the company improved its net margin for continuing and discontinued operations, reflecting a positive turnaround from the previous year’s net loss to a net profit for shareholders.

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