Company X Achieves Strong Financial Results in Q1 2024

Company X, a leading financial institution, has announced impressive financial results for the first quarter of 2024. President Kent Li expressed satisfaction with the company's performance, attributing it to careful monitoring of asset quality and strategic loan volume adjustments. Despite a decrease in loan volume, Company X maintained profitability, with both top and bottom lines showing significant improvements.

During the quarter, the total loan amount facilitated and originated decreased by 11% year-over-year and 18% quarter-over-quarter, in line with expectations. The outstanding loan balance stood at RMB44 billion by the end of March 2024. Although delinquency rates for certain loan categories saw slight increases, these were primarily due to proactive loan control measures implemented in the previous quarter.

Looking ahead, Company X remains committed to enhancing risk control systems and managing risks effectively. The company aims to facilitate and originate around RMB100 billion in loans for 2024, emphasizing sustainable profitability and shareholder value creation.

Chief Financial Officer Frank Fuya Zheng highlighted the solid financial results achieved in Q1. Despite a decline in loan volumes, total net revenue increased by 20% year-over-year to RMB1.2 billion, showcasing the company's stringent risk controls and operational efficiency. Net income also saw a significant rise, reflecting the effectiveness of Company X's long-term profitability strategy.

Additionally, Company X announced a share repurchase program of up to $20 million, starting from June 1, 2024, through November 30, 2025, demonstrating confidence in delivering long-term returns for shareholders.

Company X's performance in Q1 2024 underscores its strategic adaptability, strong execution, and focus on sustainable profitability in a changing market landscape.