China's Lufax preliminary Q3 net loss widens on higher credit impairment losses
LU•Lufax reported a preliminary third-quarter net loss of RMB 1.49 billion, with total income down 4.6% year over year to RMB 6.18 billion. Consumer finance loan sales rose 25.2%.
1. Quarterly results
Lufax's preliminary third-quarter net loss widened, mainly due to higher credit impairment losses and tax expenses. Net interest income was RMB 3.68 billion, and the loss per share was RMB 0.89.
2. Loan growth and plans
Consumer finance loan sales increased 25.2% year over year, supporting overall new loan growth. The company said higher credit impairment losses reflected increased actual losses and provisions for loans and receivables. It plans to continue a selective customer strategy and exit high-risk segments.
