On November 19th, FinTech Group (NYSE: FINV) released its unaudited financial report for the third quarter of 2024. The company achieved a revenue of 3.276 billion yuan (RMB) in the third quarter, a year-on-year increase of 2.5%; Net profit was 624 million yuan, a year-on-year increase of 8.6%. The transaction volume for the quarter was nearly 52.2 billion yuan, a year-on-year increase of 1.8%; The loan balance was 68.1 billion yuan, a year-on-year increase of 3.3%. As of the end of the third quarter, the company has served a total of 32.6 million users in both domestic and international markets.
Recently, a series of strong policies have been released to promote the role of consumer credit in promoting consumption. In this context, in the first three quarters of this year, Xinye Technology's domestic transaction volume reached 142 billion yuan, a year-on-year increase of 4%, and other important business indicators also maintained a growth trend. At the same time, by continuously upgrading the risk control system and promoting the customer base floating strategy, the risk indicators in the third quarter decreased, and the proportion of high-quality customers increased.
Xinye Technology strengthened its efforts in small and micro services in the third quarter, continuously expanding its small and micro business service scenarios, and enhancing its multi scenario product innovation capabilities. In the current quarter, the transaction volume reached 15.4 billion yuan, a year-on-year increase of 25%, and the proportion of domestic market transaction volume increased to 31%. In addition, the company also enhances the level of refined small and micro services through a series of normalized public welfare actions. Since the beginning of this year, Xinye Technology's small and micro public welfare project "Good Small Shop" has provided customized assistance to 70 small shops with a sense of social responsibility.
In the third quarter, Xinye Technology's international business grew strongly, accounting for nearly 20% of revenue, and the number of new trading users exceeded the domestic market for two consecutive quarters. International business has made gratifying progress in diversified operations and institutional cooperation: Xinye Technology has obtained a Multi finance license issued by the Indonesian Financial Services Regulatory Authority (OJK) in Indonesia. At the same time, the company's international platform continues to develop cooperation with a number of overseas financial institutions and Internet platforms.
Li Tiezheng, CEO of Xinye Technology, stated that through the effective implementation of technology driven and globalization strategies, Xinye Technology achieved steady growth and improved profitability in the third quarter. In the future, the company will continue to be driven by technological innovation and service improvement, providing better and more efficient financial technology services, and promoting the development of inclusive financial digital services at home and abroad.
Xu Jiayuan, Chief Financial Officer of Xinye Technology, stated that multiple business indicators of Xinye Technology maintained growth in the third quarter, and the company continued to enhance shareholder returns. In the first three quarters of this year, Xinye Technology invested a total of $81.1 million in share repurchases, a year-on-year increase of 23%, reflecting the company's confidence in business development and cash flow prospects.