Summary by Moomoo AI
Lufax Holding Ltd, a prominent financial services provider for small business owners in China, reported a net loss of RMB830 million (US$115 million) for the first quarter of 2024, a significant downturn from the net profit of RMB732 million in the same quarter of the previous year. The company's total income also saw a substantial decrease of 31% year-over-year, amounting to RMB6,964 million (US$964 million). This decline was attributed to a reduction in total income across various streams, including technology platform-based income, guarantee income, and net interest income. Despite the decrease in income, Lufax managed to reduce total expenses by 27% year-over-year, primarily due to a 50% reduction in sales and marketing expenses. The company also reported operational highlights, such as...Show More