{"id":419895,"date":"2021-01-25T03:34:35","date_gmt":"2021-01-25T08:34:35","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=419895"},"modified":"2021-01-25T03:34:35","modified_gmt":"2021-01-25T08:34:35","slug":"lexinfintech-holdings-ltd-gives-2021-loan-origination-guidance-achieves-2020-loan-origination-target","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lexinfintech-holdings-ltd-gives-2021-loan-origination-guidance-achieves-2020-loan-origination-target\/","title":{"rendered":"LexinFintech Holdings Ltd. Gives 2021 Loan Origination Guidance, Achieves 2020 Loan Origination Target"},"content":{"rendered":"

\nPre-pandemic loan origination target is achieved, with continued strong growth expected and improving asset quality; P2P balances have also been reduced to zero
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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\u2019s 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\u2019s current and preliminary view, which is subject to changes and uncertainties. In addition, Lexin is also pleased to announce that the Company\u2019s 2020 loan originations reached RMB 176.5 billion, achieving the Company\u2019s previously stated guidance.<\/p>\n

\u201cDuring 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,\u201d said Mr. Jay Wenjie Xiao, Lexin\u2019s chairman and chief executive officer. \u201cThis year, Lexin will continue to improve our \u2018To Bank\u2019 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.\u201d<\/p>\n

\u201cConcurrently, Lexin will fully utilize our now well-established customer and user base, operational knowledge and technology know-how to drive the Company\u2019s expanded efforts in the \u2018new consumption\u2019 space,\u201d continued Mr. Xiao, \u201cThis year, Lexin will expand the Company\u2019s 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.\u201d<\/p>\n

\u201cOver 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,\u201d said Mr. Craig Yan Zeng, Lexin\u2019s chief financial officer. \u201cWe 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.\u201d<\/p>\n

\u201cIn addition, I\u2019m also pleased to announce that we have now officially reduced to zero the outstanding balance of loans invested by individual investors on our Juzi Licai<\/em> platform,\u201d continued Mr. Zeng, \u201cLexin has always been proactive in meeting any potential regulatory changes, and in being fully compliant with the relevant rules and regulations. We will continue to closely monitor the ongoing regulatory environment and take any necessary steps to minimize any potential impact to our business and operations, as we have done with our peer-to-peer business.\u201d<\/p>\n

\u201cCredit performance and credit quality continue to improve, and all vintages have now stabilized. Our first payment default rate (30 day+)1\u00a0<\/strong><\/sup>for new loan originations have been at below 1% for the past 5 months, and our one-month delinquencies for our key past vintages have peaked,\u201d said Mr. Ryan Huanian Liu, Lexin\u2019s chief risk officer. \u201cOur funding partners recognize this and continue to provide us with ample funding. Today, well over half of our new funding is utilizing the profit sharing model, where our funding partners take on the credit risk of the loans that we originate \u2013 representing a clear indication of our stable asset quality and the quality of our loan assets from our funding partners.\u201d<\/p>\n

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\n 1\u00a0<\/strong>
\n <\/sup>Loan balance with first payment day past due 30+ over total loan origination.<\/p>\n

Please click here to view our credit statistics:<\/p>\n

30-day delinquency by vintage<\/p>\n

\n http:\/\/ml.globenewswire.com\/Resource\/Download\/e5336fa9-9ef5-4142-8e36-83127e66f323<\/a>\u00a0<\/p>\n

First payment default 30+ for new originations<\/p>\n

\n http:\/\/ml.globenewswire.com\/Resource\/Download\/fe851e5b-690c-4bee-9ece-22f2346e58f9<\/a>\u00a0<\/p>\n

\n Full Year 2020 Operational Highlights:<\/strong>\n <\/p>\n