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LexinFintech reports increase in Q1 2018 operating revenue.

BANKING AND CREDIT NEWS-June 4, 2018-LexinFintech reports increase in Q1 2018 operating revenue

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LexinFintech Holdings Ltd. (NASDAQ: LX) has announced that in the first quarter 2018, operating revenue increased from RMB 1.2 billion to RMB 1.6 billion, due to an increase in financial services income, the company said.

Financial services income increased by 56.7% from RMB 637 million in the first quarter of 2017 to RMB 998 million in the first quarter of 2018.

Loan facilitation and servicing fees increased by 204% from RMB54.1 million in the first quarter of 2017 to RMB164 million in the first quarter of 2018.

Funding cost increased by 46.1% from RMB176 million in the first quarter of 2017 to RMB257 million in the first quarter of 2018.

Processing and servicing cost increased by 49.4% from RMB44.1 million in the first quarter of 2017 to RMB65.9 million in the first quarter of 2018.

Provision for credit losses increased by 135% from RMB122 million in the first quarter of 2017 to RMB287 million in the first quarter of 2018.

Gross profit increased by 52.2% from RMB271 million in the first quarter of 2017 to RMB412 million in the first quarter of 2018.

Net income for the first quarter of 2018 was RMB146 million, representing an increase of 160% compared to RMB56.3 million in the first quarter of 2017.

Adjusted net income for the first quarter of 2018 was RMB174 million, representing an increase of 88.3% from RMB92.3 million in the first quarter of 2017.

LexinFintech Holdings Ltd. is an online consumer finance platform for educated young adults in China. As one of China's financial technology companies, Lexin integrates its e-commerce-driven installment finance platform, Fenqile, with advanced risk management technologies, the company's Dingsheng asset distribution technology platform, and the company's Juzi Licai online investment platform for individual investors, to create a comprehensive consumer finance ecosystem.

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Publication:M2 Banking & Credit News (BCN)
Article Type:Financial report
Date:Jun 4, 2018
Words:339
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