BRIEF: FinVolution profit jumps on gains in loan facilitation, international revenue
FinVolution Group (FINV.US) reported on Monday its revenue rose 7.2% year-on-year in last year’s fourth quarter to 3.46 billion yuan ($478 million), while its net profit jumped 29% to 681 million yuan on strong growth for its core loan facilitation services.
The company said its loan facilitation revenue grew 21.4% year-on-year to 1.34 billion yuan, accounting for 39% of its total revenue, up from 34% a year earlier. It cited an increase in transaction volume for the big increase. Its average loan size for the quarter rose 26.7% year-on-year to 11,466 yuan from 9,044 yuan.
Revenue from its younger international business rose 22.8% year-on-year during the quarter to 739 million yuan, accounting for 21.4% of its total revenue for the period. Its cumulative number of international borrowers rose 45.8% over the period to 7 million at the end of 2024.
FinVolution shares rose 4.7% on Monday and were up nearly 11% in after-hours trade following the release of the latest report after market close. The stock is up 70% over the last six months.
By Doug Young
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