LUFAX (06623.HK): Q3 Revenue RMB6.18bn, Net Loss RMB1.49bn

NewTimeSpace News: On 28 October 2026, Lufax Holding Ltd (stock code: 6623; NYSE: LU) reported unaudited third-quarter results under IFRS for the three months ended 30 September 2026: total revenue was RMB6,180 million (about US$922 million), down 4.6% from RMB6,479 million a year earlier, and net loss was RMB1,494 million (about US$223 million), compared with a net loss of RMB380 million.

The wider loss was mainly due to higher credit impairment losses and additional income tax expense, the latter reflecting a reduction in deferred tax assets and additional withholding tax recognised on dividends paid by domestic subsidiaries to meet funding needs of the Company and its overseas subsidiaries, partly offset by continued cost control; total expenses excluding credit impairment losses, finance costs and other gains or losses fell 13.4% year on year. Credit impairment losses were RMB4,511 million, up 10.3%, and income tax expense was RMB773 million, up 946.5%.

As at 30 September 2026, outstanding loans enabled were RMB167.1 billion, down 11.9% year on year, of which consumer finance loans were RMB70.5 billion, up 19.8%. New loans in the quarter were RMB58.3 billion, up 2.5%, including RMB39.7 billion of consumer finance loans, up 25.2%. Cumulative borrowers rose 23.8% to about 35.3 million. The 30-day-plus and 90-day-plus delinquency ratios were 5.5% and 3.2%, down from 5.8% and 3.7% at end-June 2026, while the C-M3 migration rate rose to 1.2% from 1.0% in the second quarter. Bank deposits were RMB21,247 million and net assets RMB79,982 million.

The announcement also disclosed a change in the composition of the internal control enhancement committee effective 28 October 2026: Ye Diqi resigned as chairman and member while remaining chairman of the board and a director; Zheng Xiaokang was appointed committee chairman and chief executive Ji Xiang was appointed a member.