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Lufax Reports Second Quarter 2023 Financial Results

SHANGHAI, Aug. 21, 2023 /PRNewswire/ -- Lufax Holding Ltd ("Lufax" or the "Company") (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 & First Half 2023 Financial Highlights

  • Total income was RMB9,270 million (US$1,278 million) in the second quarter of 2023, compared to RMB15,288 million in the same period of 2022, representing a decrease of 39.4%.

  • Net profit was RMB1,004 million (US$138 million) in the second quarter of 2023, compared to RMB2,936 million in the same period of 2022.

 

(In millions except percentages, unaudited)


Three Months Ended June 30,





2022


2023


YoY



RMB


RMB

USD



Total income


15,288


9,270

1,278


(39.4 %)

Total expenses


(10,935)


(7,957)

(1,097)


(27.2 %)

Total expenses excluding credit

and asset impairment losses, finance 
costs and other (gains)/losses


(6,322)


(4,954)

(683)


(21.6 %)

Credit and asset impairment losses, 
finance costs and other (gains)/losses


(4,613)


(3,003)

(414)


(34.9 %)

Net profit


2,936


1,004

138


(65.8 %)









(In millions except percentages, unaudited)


Six Months Ended June 30,





2022


2023


YoY



RMB


RMB

USD



Total income


32,604


19,348

2,668


(40.7 %)

Total expenses


(21,099)


(16,920)

(2,333)


(19.8 %)

Total expenses excluding credit

and asset impairment losses, finance 
costs and other (gains)/losses


(13,569)


(10,639)

(1,467)


(21.6 %)

Credit and asset impairment losses, 
finance costs and other (gains)/losses


(7,529)


(6,281)

(866)


(16.6 %)

Net profit


8,226


1,736

239


(78.9 %)

 

Second Quarter 2023 & First Half 2023 Operational Highlights

  • Outstanding balance of loans enabled was RMB426.4 billion as of June 30, 2023, compared to RMB661.4 billion as of June 30, 2022, representing a decrease of 35.5%.

  • Cumulative number of borrowers increased by 8.3% to approximately 19.7 million as of June 30, 2023 from approximately 18.2 million as of June 30, 2022.

  • New loans enabled were RMB53.5 billion in the second quarter of 2023, compared to RMB129.5 billion in the same period of 2022, representing a decrease of 58.7%.

  • During the second quarter of 2023, excluding the consumer finance subsidiary, the Company bore risk on 39.2% of its new loans enabled, up from 21.7% in the same period of 2022.

  • As of June 30, 2023, including the consumer finance subsidiary, the Company bore risk on 27.5% of its outstanding balance, up from 21.2% as of June 30, 2022. Credit enhancement partners bore risk on 69.5% of outstanding balance, among which Ping An P&C accounted for a majority.

  • For the second quarter of 2023, the Company's retail credit enablement business take rate[1] based on loan balance was 7.0%, as compared to 8.6% for the second quarter of 2022.

  • C-M3 flow rate[2] for the total loans the Company had enabled was 1.0% in the second quarter of 2023, remaining unchanged from the first quarter of 2023. Flow rates for the general unsecured loans and secured loans the Company had enabled were 1.2% and 0.5%, respectively, in the second quarter of 2023, as compared to 1.2% and 0.5%, respectively, in the first quarter of 2023.

  • Days past due ("DPD") 30+ delinquency rate[3] for the total loans the Company had enabled was 5.9% as of June 30, 2023, as compared to 5.7% as of March 31, 2023. DPD 30+ delinquency rate for general unsecured loans was 6.8% as of June 30, 2023, as compared to 6.4% as of March 31, 2023. DPD 30+ delinquency rate for secured loans was 2.9% as of June 30, 2023, as compared to 3.2% as of March 31, 2023.

  • DPD 90+ delinquency rate[4] for the total loans enabled was 3.6% as of June 30, 2023, as compared to 3.3% as of March 31, 2023. DPD 90+ delinquency rate for general unsecured loans was 4.2% as of June 30, 2023, as compared to 3.7% as of March 31, 2023. DPD 90+ delinquency rate for secured loans was 1.7% as of June 30, 2023, as compared to 1.9% as of March 31, 2023.

  • As of June 30, 2023, Non-performing loan (NPL) ratio for consumer finance loans[5] was 2.2% as compared to 2.4% as of March 31, 2023.


Mr. YongSuk Cho, Chairman and Chief Executive Officer of Lufax, commented, "As the macroeconomic landscape moves towards recovery, our core SBO customers still faced some difficulties during the second quarter, affecting our operational landscape and impeding the trajectory of our U-shaped recovery. Nevertheless, we grew our bottom line and our strategic initiatives yielded encouraging initial results. Our focus on asset quality over quantity proved successful, as our C-M3 ratio stabilized during the second quarter. Furthermore, early indications suggest that the asset quality of recent loans, enabled under more stringent credit criteria, surpasses that of loans originated over the previous three years. Importantly, our consumer finance business continued on its healthy growth trajectory, with consumer finance loans as a percentage of total new loan sales increasing, total outstanding balance of consumer finance loans growing, and non-performing loan ratio declining sequentially. At the same time, we continued to refine our long-term strategy to minimize risk and diversify our business. Our multi-faceted strategic approach involves transitioning to the 100% guaranteed model, expanding our retail credit business, increased operational focus on high-performing regions, further optimization of our direct sales channels, and more stringent risk controls. Looking ahead, as we navigate through this transitory period, we believe that both near-term loan growth and profitability will remain suppressed. Nevertheless, we are confident that the stable regulatory environment, the favorable government policies, and the long-term foundations we are laying will ultimately drive our recovery and deliver sustainable value for shareholders."

Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, "The second quarter saw a decrease in new loans enabled and our overall loan balance, impacting our top-line results during this period. We responded proactively by sharpening our steadfast focus on agile operations and cost control, which helped us to successfully generate a sequential increase in net profit. At the same time, we continued to execute on our upgraded strategy of concentrating on higher quality customers in more economically resilient regions. There are encouraging signs that our strategy is bearing fruit, with our average ticket size growing and our C-M3 ratio remaining stable compared with the first quarter. In contrast with the challenges faced by our retail credit model, our consumer finance business continued to develop healthily, with the total outstanding balance of consumer finance loans reaching RMB32.8 billion by the end of the second quarter, and the non-performing loan ratio falling by two percentage points sequentially to 2.2%. Meanwhile, we addressed compressed take rates, attributable to elevated premiums charged by our credit insurance partners, by advancing closer towards our 100% credit guaranteed model. As of the end of the second quarter, our risk-taking by balance had risen to 27.5% from 24.5% in the first quarter, and we expect this figure to exceed 40% by the end of the year. Looking ahead, we will continue to execute on our de-risk and diversify strategy while optimizing our operating costs, as we accelerate our transition to the 100% guarantee model and lay the groundwork for our U-shaped recovery."

Mr. David Choy, Chief Financial Officer of Lufax, commented, "We continued to advance our efforts aimed at refining our cost structure and strengthening our business model in the second quarter. As a result, we reduced our total operating expenses by 27.2% year over year, and recorded a net profit of RMB1.0 billion during the quarter. Our balance sheet remains strong, with our cash at bank balance increasing to RMB46.9 billion since the end of our last fiscal year. Notably, our guarantee subsidiary's leverage ratio stood at only 1.6x as of the end of the second quarter, compared to the regulatory maximum allowance of 10x. Furthermore, liquid assets[6] maturing in 90 days or less amounted to RMB38.2 billion as of the end of June 2023. Going forward, we are confident in the strength of our business model as we strive to deliver sustainable value and long-term growth for our shareholders."

[1] The take rate of retail credit enablement business is calculated by dividing the aggregated amount of loan enablement service fees, post-origination service fees, net interest income, guarantee income and the penalty fees and account management fees by the average outstanding balance of loans enabled for each period.

[2] Flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products and consumer finance subsidiary are excluded from the flow rate calculation.

[3] DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.

[4] DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.

[5] Non-performing loan ratio for consumer finance loans is calculated by using the outstanding balance of consumer finance loans for which any payment is 61 or more calendar days past due and not written off, and certain restructured loans, divided by the outstanding balance of consumer finance loans.

[6] Liquid assets consist of cash at bank, financial assets at amortized cost, and financial assets at fair value through profit or loss with a maturity of 90 days or less as of June 30, 2023.

 

Second Quarter 2023 & First Half 2023 Financial Results

TOTAL INCOME

Total income was RMB9,270 million (US$ 1,278 million) in the second quarter of 2023, compared to RMB15,288 million in the same period of 2022, representing a decrease of 39.4%.



Three Months Ended June 30,



(In millions except percentages,
unaudited)


2022


2023


YoY



RMB


% of income


RMB


% of income



Technology platform-based income


7,380


48.3 %


4,076


44.0 %


(44.8 %)

Net interest income


5,010


32.8 %


3,367


36.3 %


(32.8 %)

Guarantee income


1,936


12.7 %


1,149


12.4 %


(40.7 %)

Other income


532


3.5 %


310


3.3 %


(41.7 %)

Investment income


428


2.8 %


370


4.0 %


(13.6 %)

Share of net profits of investments
accounted for using the equity method


2


0.0 %


(1)


(0.0 %)


(165.6 %)

Total income


15,288


100.0 %


9,270


100.0 %


(39.4 %)














Six Months Ended June 30,



(In millions except percentages,
unaudited)


2022


2023


YoY



RMB


% of income


RMB


% of income



Technology platform-based income


16,672


51.1 %


9,086


47.0 %


(45.5 %)

Net interest income


9,994


30.7 %


6,716


34.7 %


(32.8 %)

Guarantee income


3,838


11.8 %


2,565


13.3 %


(33.2 %)

Other income


1,236


3.8 %


538


2.8 %


(56.5 %)

Investment income


863


2.6 %


445


2.3 %


(48.4 %)

Share of net profits of investments
accounted for using the equity method


1


0.0 %


(2)


(0.0 %)


(215.3 %)

Total income


32,604


100.0 %


19,348


100.0 %


(40.7 %)

 

  • Technology platform-based income was RMB4,076 million (US$562 million) in the second quarter of 2023, compared to RMB7,380 million in the same period of 2022, representing a decrease of 44.8%, due to 1) the decrease of retail credit service fees attributable to the decrease in new loan sales and a lower fee rate, and 2) the decrease of referral and other technology platform-based income attributable to the decrease in transaction volume.

  • Net interest income was RMB3,367 million (US$464 million) in the second quarter of 2023, compared to RMB5,010 million in the same period of 2022, representing a decrease of 32.8%, mainly due to the decrease in new loan sales and a lower fee rate, partly offset by the increase of net interest income from the Company's consumer finance business.

  • Guarantee income was RMB1,149 million (US$158 million) in the second quarter of 2023, compared to RMB1,936 million in the same period of 2022, representing a decrease of 40.7%, primarily due to the decrease in loan balance and a lower fee rate.

  • Other income was RMB310 million (US$43 million) in the second quarter of 2023, compared to RMB532 million in the same period of 2022, mainly due to the change of fee structure that the Company charged to its primary credit enhancement partner.

  • Investment income was RMB370 million (US$51 million) in the second quarter of 2023, compared to RMB428 million in the same period of 2022, mainly due to the decrease of fair value of investment assets.

 

TOTAL EXPENSES

Total expenses decreased by 27.2% to RMB7,957 million (US$1,097 million) in the second quarter of 2023 from RMB10,935 million in the same period of 2022. This decrease was mainly driven by sales and marketing expenses, as sales and marketing expenses decreased by 27.3% to RMB2,540 million (US$350 million) in the second quarter of 2023 from RMB3,496 million in the same period of 2022. Total expenses excluding credit impairment losses, asset impairment losses, finance costs and other (gains)/losses decreased by 21.6% to RMB4,954 million (US$683 million) in the second quarter of 2023 from RMB6,322 million in the same period of 2022.



Three Months Ended June 30,



(In millions except percentages, unaudited)


2022


2023


YoY



RMB


% of income


RMB


% of income



Sales and marketing expenses


3,496


22.9 %


2,540


27.4 %


(27.3 %)

General and administrative expenses


762


5.0 %


493


5.3 %


(35.3 %)

Operation and servicing expenses


1,581


10.3 %


1,576


17.0 %


(0.3 %)

Technology and analytics expenses


483


3.2 %


344


3.7 %


(28.8 %)

Credit impairment losses


3,513


23.0 %


2,998


32.3 %


(14.7 %)

Asset impairment losses


352


2.3 %


-


-


(100.0 %)

Finance costs


221


1.4 %


136


1.5 %


(38.7 %)

Other (gains)/losses - net


527


3.4 %


(130)


(1.4 %)


(124.8 %)

Total expenses


10,935


71.5 %


7,957


85.8 %


(27.2 %)








Six Months Ended June 30,



(In millions except percentages, unaudited)


2022


2023


YoY



RMB


% of income


RMB


% of income



Sales and marketing expenses


7,980


24.5 %


5,570


28.8 %


(30.2 %)

General and administrative expenses


1,487


4.6 %


1,249


6.5 %


(16.0 %)

Operation and servicing expenses


3,171


9.7 %


3,134


16.2 %


(1.2 %)

Technology and analytics expenses


931


2.9 %


686


3.5 %


(26.4 %)

Credit impairment losses


6,336


19.4 %


6,130


31.7 %


(3.3 %)

Asset impairment losses


352


1.1 %


-


-


(100.0 %)

Finance costs


432


1.3 %


324


1.7 %


(24.9 %)

Other (gains)/losses - net


409


1.3 %


(173)


(0.9 %)


(142.3 %)

Total expenses


21,099


64.7 %


16,920


87.5 %


(19.8 %)

 

  • Sales and marketing expenses decreased by 27.3% to RMB2,540 million (US$350 million) in the second quarter of 2023 from RMB3,496 million in the same period of 2022. The decrease was mainly due to 1) the decreased borrowers acquisition costs as a result of the decrease in new loan sales, 2) decreased investor acquisition and retention expenses and referral expenses from platform service attributable to the decreased transaction volume, and 3) decreased general sales and marketing expenses attributable to the decrease in salary as a result of optimization of sales team.

  • General and administrative expenses decreased by 35.3% to RMB493 million (US$68 million) in the second quarter of 2023 from RMB762 million in the same period of 2022, mainly due to the Company's expense control measures and the decrease of tax and surcharge.

  • Operation and servicing expenses decreased by 0.3% to RMB1,576 million (US$217 million) in the second quarter of 2023 from RMB1,581 million in the same period of 2022, primarily due to the Company's expense control measures and decrease of loan balance.

  • Technology and analytics expenses decreased by 28.8% to RMB344 million (US$47 million) in the second quarter of 2023 from RMB483 million in the same period of 2022 due to 1) the optimization of technology and research team, and 2) the Company's improved efficiency.

  • Credit impairment losses decreased by 14.7% to RMB2,998 million (US$413 million) in the second quarter of 2023 from RMB3,513 million in the same period of 2022, mainly due to the decrease in provision of loans and receivables as a result of the decreased loan balance.

  • Finance costs decreased by 38.7% to RMB136 million (US$19 million) in the second quarter of 2023 from RMB221 million in the same period of 2022, mainly due to the increase of interest income from bank deposits and the decrease of interest as a result of our early repayment of Ping An Convertible Promissory Notes, partially offset by the increase of interest expenses driven by increased interest rates.

 

NET PROFIT

Net profit was RMB1,004 million (US$138 million) in the second quarter of 2023, compared to RMB2,936 million in the same period of 2022, as a result of the aforementioned factors.

EARNINGS PER ADS

Basic and diluted earnings per American Depositary Share ("ADS") were both RMB0.42 (US$0.06) in the second quarter of 2023. Each two ADSs represents one ordinary share ("Share").

BALANCE SHEET

The Company had RMB 46,928 million (US$6,472 million) in cash at bank as of June 30, 2023, as compared to RMB43,882 million as of December 31, 2022. Net assets of the Company amounted to RMB94,818 million (US$13,076 million) as of June 30, 2023, as compared to RMB94,787 million as of December 31, 2022.

Recent Developments­

Declaration of Semi-Annual Dividend

The Board has approved a cash dividend of US$0.078 per ordinary share or US$0.039 per ADS for the six-month period ended June 30, 2023, to holders of ordinary shares and holders of ADSs of record as of the close of business on October 12, 2023, Hong Kong time and New York time, respectively. The Company expects the semi-annual dividend to be paid to the holders of ordinary shares on Monday, October 24, 2023 (Hong Kong time). The depositary, Citibank, N.A., expects to pay the dividend to the holders of ADSs on October 30, 2023 (New York time). Dividend to be paid to the Company's ADS holders through the depositary will be subject to the terms of the deposit agreement.

For holders of ordinary shares, in order to qualify for entitlement to the dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company's Hong Kong branch share registrar, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, for registration not later than 4:30 p.m. on October 12, 2023 (Hong Kong time).

Business Outlook

For the full year of 2023, the Company expects its new loans enabled to be in the range of RMB190 billion to RMB210 billion.

These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call Information

The Company's management will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on Monday, August 21, 2023 (9:00 A.M. Beijing Time on Tuesday, August 22, 2023) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a participant dial-in number, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call

Registration Link: https://www.netroadshow.com/events/login?show=b1fbb5ad&confId=53994

A replay of the conference call will be accessible through August 28, 2023 (dial-in numbers: +1 (866) 813-9403 or +1 (929) 458-6194; replay access code: 308687). A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.lufaxholding.com.

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 91 financial institutions in China as funding and credit enhancement partners, many of which have worked with the Company for over three years.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.2513 to US$1.00, the rate in effect as of June 30, 2023, as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Lufax's beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. These forward-looking statements include, but are not limited to, statements about Lufax's goals and strategies; Lufax's future business development, financial condition and results of operations; expected changes in Lufax's income, expenses or expenditures; expected growth of the retail credit enablement; Lufax's expectations regarding demand for, and market acceptance of, its services; Lufax's expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lufax does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com

 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)








Three Months Ended June 30,


Six Months Ended June 30,



2022


2023


2022


2023



RMB


RMB


USD


RMB


RMB


USD

Technology platform-based income


7,379,637


4,075,697


562,064


16,671,652


9,086,070


1,253,026

Net interest income


5,010,245


3,366,917


464,319


9,993,806


6,715,547


926,116

Guarantee income


1,936,139


1,148,646


158,406


3,838,473


2,565,405


353,786

Other income


532,002


310,170


42,774


1,235,577


537,632


74,143

Investment income


428,234


370,043


51,031


863,222


445,007


61,369

Share of net profits of investments accounted for
using the equity method


1,754


(1,151)


(159)


1,377


(1,587)


(219)

Total income


15,288,011


9,270,322


1,278,436


32,604,107


19,348,074


2,668,221

Sales and marketing expenses


(3,495,839)


(2,540,067)


(350,291)


(7,979,735)


(5,570,120)


(768,155)

General and administrative expenses


(761,940)


(493,345)


(68,035)


(1,487,481)


(1,249,416)


(172,302)

Operation and servicing expenses


(1,581,171)


(1,576,137)


(217,359)


(3,170,998)


(3,134,026)


(432,202)

Technology and analytics expenses


(483,385)


(344,131)


(47,458)


(931,268)


(685,616)


(94,551)

Credit impairment losses


(3,512,913)


(2,997,706)


(413,403)


(6,336,429)


(6,129,506)


(845,298)

Asset impairment losses


(351,956)


-


-


(351,956)


-


-

Finance costs


(221,279)


(135,649)


(18,707)


(432,071)


(324,288)


(44,721)

Other gains/(losses) - net


(526,718)


130,444


17,989


(408,691)


172,856


23,838

Total expenses


(10,935,201)


(7,956,591)


(1,097,264)


(21,098,629)


(16,920,116)


(2,333,391)

Profit before income tax expenses


4,352,810


1,313,731


181,172


11,505,478


2,427,958


334,831

Income tax expenses


(1,416,356)


(310,113)


(42,767)


(3,279,143)


(691,970)


(95,427)

Net profit for the period


2,936,454


1,003,618


138,405


8,226,335


1,735,988


239,404














Net profit/(loss) attributable to:













Owners of the Group


2,908,962


965,349


133,128


8,187,904


1,637,325


225,797

Non-controlling interests


27,492


38,269


5,278


38,431


98,663


13,606

Net profit for the period


2,936,454


1,003,618


138,405


8,226,335


1,735,988


239,404














Earnings per share













-Basic earnings per share


2.54


0.84


0.12


7.16


1.43


0.20

-Diluted earnings per share


2.46


0.84


0.12


6.73


1.43


0.20

-Basic earnings per ADS


1.27


0.42


0.06


3.58


0.72


0.10

-Diluted earnings per ADS


1.23


0.42


0.06


3.37


0.72


0.10

 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 (All amounts in thousands, except share data, or otherwise noted)








As of December 31,


As of June 30,



2022


2023



RMB


RMB


USD

Assets







Cash at bank


43,882,127


46,927,978


6,471,664

Restricted cash


26,508,631


16,525,118


2,278,918

Financial assets at fair value through profit or loss


29,089,447


23,174,613


3,195,925

Financial assets at amortized cost


4,716,448


3,628,947


500,455

Accounts and other receivables and contract assets


15,758,135


10,245,741


1,412,952

Loans to customers


211,446,645


163,236,747


22,511,377

Deferred tax assets


4,990,352


4,991,199


688,318

Property and equipment


322,499


248,284


34,240

Investments accounted for using the equity method


39,271


37,684


5,197

Intangible assets


885,056


879,258


121,255

Right-of-use assets


754,010


557,225


76,845

Goodwill


8,911,445


8,911,445


1,228,944

Other assets


1,958,741


1,517,147


209,224

Total assets


349,262,807


280,881,386


38,735,314

Liabilities







Payable to platform users


1,569,367


1,436,543


198,108

Borrowings


36,915,513


31,813,817


4,387,326

Bond payable


2,143,348


1,151,921


158,857

Current income tax liabilities


1,987,443


544,309


75,064

Accounts and other payables and contract liabilities


12,198,654


7,558,070


1,042,306

Payable to investors of consolidated structured entities


177,147,726


121,523,513


16,758,859

Financing guarantee liabilities


5,763,369


4,720,097


650,931

Deferred tax liabilities


694,090


648,329


89,409

Lease liabilities


748,807


545,060


75,167

Convertible promissory note payable


5,164,139


5,556,909


766,333

Optionally convertible promissory notes


8,142,908


8,726,033


1,203,375

Other liabilities


2,000,768


1,839,112


253,625

Total liabilities


254,476,132


186,063,713


25,659,359

Equity







Share capital


75


75


10

Share premium


32,073,874


31,290,230


4,315,120

Treasury shares


(5,642,769)


(5,642,769)


(778,173)

Other reserves


2,158,432


1,439,763


198,552

Retained earnings


64,600,234


66,237,559


9,134,577

Total equity attributable to owners of the Company


93,189,846


93,324,858


12,870,086

Non-controlling interests


1,596,829


1,492,815


205,869

Total equity


94,786,675


94,817,673


13,075,955

Total liabilities and equity


349,262,807


280,881,386


38,735,314








 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data, or otherwise noted)







Three Months Ended June 30,


Six Months Ended June 30



2022


2023


2022


2023



RMB


RMB


USD


RMB


RMB


USD

Net cash generated from/(used in) operating activities


(1,034,772)


1,994,730


275,086


(2,736,994)


5,280,779


728,253

Net cash generated from/(used in) investing activities


6,048,599


(339,249)


(46,785)


12,943,660


1,835,491


253,126

Net cash generated from/(used in) financing activities


(6,577,441)


(8,844,090)


(1,219,656)


(7,302,588)


(11,621,316)


(1,602,653)

Effects of exchange rate changes on cash and cash

equivalents


24,535


393,412


54,254


2,358


427,092


58,899

Net increase/(decrease) in cash and cash equivalents


(1,539,079)


(6,795,197)


(937,101)


2,906,436


(4,077,954)


(562,376)

Cash and cash equivalents at the beginning of the

period


30,941,825


32,254,754


4,448,134


26,496,310


29,537,511


4,073,409

Cash and cash equivalents at the end of the period


29,402,746


25,459,557


3,511,033


29,402,746


25,459,557


3,511,033

 

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/lufax-reports-second-quarter-2023-financial-results-301905538.html

SOURCE Lufax Holding Ltd

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