Lufax Holding Ltd (6623) published its audited annual results for the year ended December 31, 2024. The total income was RMB24.51 billion, indicating a 28.50% decrease from RMB34.29 billion in 2023. The reduction was mainly attributable to lower loan balance and a decline in technology platform-based income.

Total expenses were RMB26.59 billion, down 18.70% from RMB32.70 billion in 2023. Despite expense control measures, the increase in loan provisions constrained profitability. Consequently, the Company recorded a net loss of RMB3.60 billion, compared with a net profit of RMB0.95 billion the previous year.

For the 2024 fiscal year, the Company reported RMB12.31 billion in net interest income, a 6.10% drop year-on-year. Loan impairment provisions remained a significant factor in the overall performance. As of December 31, 2024, the balance of loans to customers reached RMB111.51 billion, while the Group’s outstanding financing guarantee contracts totaled RMB68.02 billion.

As of December 31, 2024, the Company recorded total assets of RMB203.54 billion and total liabilities of RMB119.94 billion, resulting in net assets of RMB83.60 billion. Management indicated that consumer finance and SBO-focused business models continued to be core strategies under changing market conditions. No annual dividend for 2024 financial year was recommended.