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LexFintech Holdings (LX) stock jumped 5.7% in Wednesday after-hours trading after the Chinese fintech company’s board authorized the company to buy up to US$20M more of its shares and American Depositary shares over the 12 months starting Nov. 17.
As of Sept. 30, the company had bought ~40M ADSs for ~US$44M under its existing US$50M share repurchase program.
In Q3, LexFintech’s (LX) total originations reached ~RMB 56.2B, up 0.7% from Q3 2021 and surpassing its original expectation of RMB 53B.
“Other key financial, operational and overall risk level metrics were well on the track of a gradual trajectory of recovery quarter over quarter this year,” said Chairman and CEO Jay Wenjie Xiao.
Q3 total operating revenue of RMB 2.69B (US$378.2M) dropped 9.4% Y/Y.
Adjusted net income per ADS attributable to ordinary shareholders was RMB 1.73 (US$0.24) , down from RMB 3.09 in the year-ago quarter.
90 day+ delinquency ratio was 2.66% at Sept. 30, 2022 vs. 2.63% at June 30, 2022.
Conference call at 8:30 PM ET.
Ahead of the Q3 results, SA contributor The Value Pendulum saw downside risks for the quarter.