SHANGHAI - FinVolution Group (NYSE: NYSE:FINV), a prominent fintech platform, has reported a notable increase in its first quarter revenue.
The company announced its unaudited financial results for the first quarter ended March 31, 2024, with revenue reaching RMB3.17 billion, a rise from RMB3.05 billion in the same period last year.
The company's adjusted earnings per share (EPS) for the quarter stood at RMB2.08, showcasing its financial resilience. The growth in revenue is primarily attributed to a surge in international transaction volume, which saw a 40.8% increase year-over-year (YoY), and international revenues that jumped by 32.9% YoY, contributing 18.8% to the total net revenues.
FinVolution's CEO, Mr. Tiezheng Li, highlighted the effectiveness of the company's "Local Focus, Global Outlook" strategy, as evidenced by the robust transaction volume in the China market, which rose by 10.3% YoY. The outstanding loan balance in China also increased by 4.4% YoY.
The company's international markets continued to exhibit strong growth, with the transaction volume reaching RMB2.21 billion, up by 40.8% YoY, and the outstanding loan balance expanding to RMB1.27 billion, marking a 33.7% YoY increase. This performance demonstrates FinVolution's capability to seize opportunities across various countries.
FinVolution's CFO, Mr. Jiayuan Xu, commented on the financial performance, stating that net revenues for the quarter improved progressively, with international revenue growing significantly and representing a larger portion of the total revenue. The company's liquidity position as of March 31, 2024, stood at RMB8.53 billion, up 10.1% YoY.
Looking ahead, FinVolution remains cautiously optimistic, reiterating its full-year 2024 transaction volume guidance for the China market to be between RMB195.7 billion and RMB205.0 billion. This represents an anticipated growth of approximately 5.0% to 10.0% YoY. The company also expects its full-year 2024 transaction volume for international markets to range between RMB9.4 billion and RMB11.0 billion, forecasting a YoY growth of about 20.0% to 40.0%.
FinVolution Group is a leading fintech platform with a strong presence in China and expanding international markets, connecting borrowers with financial institutions. The company's innovative technologies and extensive experience in credit risk assessment, fraud detection, big data, and artificial intelligence have positioned it as a pioneer in the online consumer finance industry.
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