Q3 2024 FinVolution Group Earnings Call Transcript
Key Points
- FinVolution Group (FINV) achieved significant growth in international revenue, increasing from 3.7% in 2020 to an expected 20% in 2024.
- The company reported a strong increase in the number of new international borrowers, with a 60% year-over-year growth in the third quarter.
- FINV's total transaction volume reached RMB52.2 billion, with a year-over-year increase in both transaction volume and outstanding loan balance.
- The company has successfully reduced its funding costs by 190 basis points since the beginning of the year, reflecting strong market recognition of its asset quality.
- FINV's net income for the third quarter increased by 9% year over year, showcasing solid financial performance.
- China's overall economic growth remained restrained in the third quarter, impacting domestic operations.
- The company faces challenges in maintaining growth amidst industry-wide fluctuations and size reduction.
- Sales and marketing expenses increased by 6% year over year, indicating higher costs in acquiring new borrowers.
- Despite international expansion, the company is still working towards achieving meaningful profits from its international business.
- The improvement in funding costs is expected to slow down in the fourth quarter, indicating limited room for further cost reductions.
Hello, ladies and gentlemen. Thank you for participating in the third-quarter 2024 earnings conference call for FinVolution Group. (Operator Instructions) Today's conference call is being recorded.
I will now turn the call over to your host, Jimmy Tan, Head of Capital Markets for the company. Jimmy, please go ahead.
Hello, everyone, and thank you to all and welcome to our third-quarter 2024 earnings conference call.
The company results were issued via Newswire services earlier today and are posted online. You can download the earnings release and sign up for company email alerts by visiting the IR section of our website at ir.finvgroup.com.
Mr. Tiezheng Li, our Chief Executive Officer; and Mr. Jiayuan Xu, our Chief Financial Officer, will start the call with their prepared remarks and conclude with a Q&A session.
During this call, we will be referring to several non-GAAP financial measures to review and assess our operating performance. These non-GAAP financial
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