Welcome to our dedicated page for Lufax Holding news (Ticker: LU), a resource for investors and traders seeking the latest updates and insights on Lufax Holding stock.
Lufax Holding Ltd (LU) provides technology-driven financial services across personal lending and wealth management in China. This page aggregates official announcements, strategic updates, and market-relevant developments for stakeholders tracking the company’s evolution in fintech innovation.
Access curated press releases covering quarterly results, partnership expansions, product launches, and regulatory milestones. Our repository ensures investors and analysts can efficiently monitor Lufax’s retail credit facilitation progress, wealth management initiatives, and risk management strategies.
Key focus areas include updates on the Retail Credit Facilitation Hub’s loan portfolio adjustments, Wealth Management Hub’s client growth, and technological advancements in credit assessment systems. Content reflects Lufax’s emphasis on balancing asset quality with market expansion in China’s competitive financial landscape.
Bookmark this page for streamlined access to verified information about LU’s operational strategies, institutional collaborations, and responses to macroeconomic trends affecting personal finance sectors.
Lufax Holding (NYSE: LU, HKEX: 6623) announced its unaudited financial results for Q2 2024, revealing significant declines across key metrics. Total income dropped by 35.5% to RMB5,976 million (US$822 million) compared to Q2 2023. Net loss for the period was RMB730 million (US$100 million), a stark contrast to the RMB1,004 million profit in the same period last year.
Operational highlights for Q2 2024 include a 44.8% decrease in the total loan balance to RMB235.2 billion, while consumer finance loans saw a 27.9% increase. New loans enabled fell by 15.5% to RMB45.2 billion. Delinquency rates showed improvement, with the DPD 30+ rate dropping to 5.4% and the DPD 90+ rate to 3.4% as of June 30, 2024.
Total expenses decreased by 20.3% to RMB6,341 million, driven by a 46% reduction in sales and marketing expenses. Operating entities maintained strong capital positions, reflected in a stable leverage ratio of 2.4x for the guarantee subsidiary and a capital adequacy ratio of 14.7% for the consumer finance company.
Lufax Holding (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, has announced plans to release its second quarter 2024 financial results on August 21, 2024, after the U.S. market closes. The company will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on the same day (9:00 A.M. Beijing Time on August 22, 2024) to discuss the results. Interested participants can register for the call using the provided link. A live and archived webcast will be available on Lufax's investor relations website, and a replay will be accessible until August 28, 2024.
Lufax Holding (NYSE: LU, HKEX: 6623), a key financial services provider for small business owners in China, announced the outcomes of its annual general meeting held in Shanghai on May 30, 2024.
The key resolutions approved by the shareholders include:
- Adoption of the audited consolidated financial statements for the year ending December 31, 2023.
- Approval of a special dividend of US$1.21 per ordinary share or US$2.42 per ADS.
- Re-election of directors Yong Suk CHO, Yonglin XIE, and Weidong LI.
- Authorization for the board to set directors' remuneration and to reappoint PricewaterhouseCoopers as auditors.
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