Lufax Holding Ltd (LU) reported a net loss of RMB 725 million for the third quarter of 2024, a stark contrast to the net profit of RMB 131 million recorded during the same period in 2023. The loss per American Depositary Share (ADS) amounted to RMB 1.12, compared to a profit of RMB 0.16 per ADS in the previous year.
The company's total income fell to RMB 5.54 billion, marking a 31% decline from the previous year. Net interest income also saw a decrease, dropping by 18.8% to RMB 2.69 billion. This decline was primarily attributed to a reduction in loan balances, though it was somewhat mitigated by an increase in net interest income from Lufax's consumer finance operations.
