Summary by Moomoo AI
Lufax Holding Ltd, a leading financial services provider for small business owners (SBOs) in China, reported its unaudited consolidated annual results for the year ended December 31, 2023. The report, prepared in accordance with IFRS, showed a significant decrease in total income and net profit compared to the previous year. Total income dropped by 41.1% to RMB34,255 million, while net profit plummeted by 88.2% to RMB1,034 million. The company's total outstanding balance of loans was RMB315.4 billion, a 45.3% decrease from the previous year, and the total volume of new loans fell to RMB208.0 billion. Lufax continued to transition towards a 100% guarantee model for new loans and secured sufficient credit lines and funding partners to support this model. The company's risk exposure increased as it guaranteed a...Show More