The following is a summary of the X Financial (XYF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• X Financial reported a 43% increase in facilitated and originated loans in 2023 compared to last year, contributing significantly to revenue growth.

• Total net revenue saw a 35% spike annually, income from operations rose by 33%, and the net income showed a 46% improvement.

• The total loan amount for Q4 2023 was RMB 26 billion, marking a 20% annual increase but an 11% quarter-over-quarter fall.

• Delinquency rates shot up to 1.57% for loans overdue by 31 to 60 days and 3.12% for 91 to 180 days by the end of the quarter.

Business Progress:

• X Financial scaled down loan volumes in Q4 2023 in response to rising risk levels in asset quality, with a focus on profitability over volume growth.

• The company introduced measures to mitigate risk and adjust the business model to ensure profitable sustainability.

• The strategic plan for 2024 aligns with market conditions in China and is geared towards caution.

• The company aims to return value to shareholders, expecting to pay dividends when profits and operations allow. In Q4, the company repurchased 36,000 ADS for US$143,000 with another US$5.5 million slated for potential repurchases.

• Plans to strengthen risk management systems to improve asset quality and balance revenue and profitability growth are being put in place for Q1 2024, with a loan target set to between RMB 21 billion and RMB 22.5 billion.

• Other notable strategies include improving the company's visibility and stock value, ramping up news releases and roadshows once the stock price amasses $5 consistently.

More details: X Financial IR

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