LexinFintech Holdings Ltd. Gives 2021 Loan Origination Guidance, Achieves 2020 Loan Origination Target
Pre-pandemic loan origination target is achieved, with continued strong growth expected and improving asset quality; P2P balances have also been reduced to zero
SHENZHEN, China, Jan. 25, 2021 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. ("Lexin" or the "Company") (NASDAQ: LX), a leading online consumption and consumer finance platform for new generation consumers in China, is pleased to announce that based on the Company’s preliminary assessment of the current business and market conditions, the Company expects total loan originations for the fiscal year 2021 to be between RMB 220 billion and RMB 230 billion. This is Lexin’s current and preliminary view, which is subject to changes and uncertainties. In addition, Lexin is also pleased to announce that the Company’s 2020 loan originations reached RMB 176.5 billion, achieving the Company’s previously stated guidance.
“During the past year, through our comprehensive efforts to innovate throughout our product and service offerings, Lexin overcame the pressures brought about by the ongoing COVID-19 pandemic. We have not only achieved our pre-pandemic loan origination guidance, but also reached a higher level in the quality of our growth and the structure of our revenues,” said Mr. Jay Wenjie Xiao, Lexin’s chairman and chief executive officer. “This year, Lexin will continue to improve our ‘To Bank’ technology services, and expand our customer acquisition, systems construction, operations management and other related initiatives, to enable a more open and constructive environment to create value for our financial institution partners.”
“Concurrently, Lexin will fully utilize our now well-established customer and user base, operational knowledge and technology know-how to drive the Company’s expanded efforts in the ‘new consumption’ space,” continued Mr. Xiao, “This year, Lexin will expand the Company’s product offerings to meet and satisfy the needs of an expanded customer and merchant base in more diversified consumption contexts. We believe that these new products and services will give Lexin even greater potential for growth in the future.”
“Over 50% of all our new loans as of today are originated under the profit sharing model, and we fully expect this percentage to continue to grow as we continue our transition to a pure operating service model versus a risk-taking model,” said Mr. Craig Yan Zeng, Lexin’s chief financial officer. “We continue to acquire many new customers while growing with our existing customers, and our new products and offerings will help to drive this further, and as a result, we are confident in our ability to continue to grow for the year, and are pleased to announce our guidance for 2021.”