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FINV - FinVolution's International Adventure Bears Fruit
PPDAI Group Inc. American Depositary Shares each representing five Class A
2024-03-20 11:50:00 ET
Summary
FinVolution said its international transaction volume last year rose 84.7% to 7.85 billion yuan ($1.09 billion), while the outstanding loan balance for its global business jumped 57.5% year-on-year to 1.26 billion yuan.
The company’s revenue for all last year rose 12.7% to 12.55 billion yuan, while its annual net profit rose by a slower 4.5% to 2.38 billion yuan.
While the full-year results looked strong, the company’s fourth-quarter numbers painted a less rosy picture.
The online lender’s international business grew far faster than its home market last year, accounting for nearly a fifth of its revenue. ...