SHANGHAI, Aug. 21, 2023 /PRNewswire/ -- Lufax Holding Ltd ("Lufax" or the "Company") (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced its unaudited financial results for the second quarter ended June 30, 2023.
Second Quarter 2023 & First Half 2023 Financial Highlights
(In millions except percentages, unaudited) | Three Months Ended June 30, | ||||||
2022 | 2023 | YoY | |||||
RMB | RMB | USD | |||||
Total income | 15,288 | 9,270 | 1,278 | (39.4 %) | |||
Total expenses | (10,935) | (7,957) | (1,097) | (27.2 %) | |||
Total expenses excluding credit and asset impairment losses, finance | (6,322) | (4,954) | (683) | (21.6 %) | |||
Credit and asset impairment losses, | (4,613) | (3,003) | (414) | (34.9 %) | |||
Net profit | 2,936 | 1,004 | 138 | (65.8 %) | |||
(In millions except percentages, unaudited) | Six Months Ended June 30, | ||||||
2022 | 2023 | YoY | |||||
RMB | RMB | USD | |||||
Total income | 32,604 | 19,348 | 2,668 | (40.7 %) | |||
Total expenses | (21,099) | (16,920) | (2,333) | (19.8 %) | |||
Total expenses excluding credit and asset impairment losses, finance | (13,569) | (10,639) | (1,467) | (21.6 %) | |||
Credit and asset impairment losses, | (7,529) | (6,281) | (866) | (16.6 %) | |||
Net profit | 8,226 | 1,736 | 239 | (78.9 %) | |||
Second Quarter 2023 & First Half 2023 Operational Highlights
Mr. YongSuk Cho, Chairman and Chief Executive Officer of Lufax, commented, "As the macroeconomic landscape moves towards recovery, our core SBO customers still faced some difficulties during the second quarter, affecting our operational landscape and impeding the trajectory of our U-shaped recovery. Nevertheless, we grew our bottom line and our strategic initiatives yielded encouraging initial results. Our focus on asset quality over quantity proved successful, as our C-M3 ratio stabilized during the second quarter. Furthermore, early indications suggest that the asset quality of recent loans, enabled under more stringent credit criteria, surpasses that of loans originated over the previous three years. Importantly, our consumer finance business continued on its healthy growth trajectory, with consumer finance loans as a percentage of total new loan sales increasing, total outstanding balance of consumer finance loans growing, and non-performing loan ratio declining sequentially. At the same time, we continued to refine our long-term strategy to minimize risk and diversify our business. Our multi-faceted strategic approach involves transitioning to the 100% guaranteed model, expanding our retail credit business, increased operational focus on high-performing regions, further optimization of our direct sales channels, and more stringent risk controls. Looking ahead, as we navigate through this transitory period, we believe that both near-term loan growth and profitability will remain suppressed. Nevertheless, we are confident that the stable regulatory environment, the favorable government policies, and the long-term foundations we are laying will ultimately drive our recovery and deliver sustainable value for shareholders."
Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, "The second quarter saw a decrease in new loans enabled and our overall loan balance, impacting our top-line results during this period. We responded proactively by sharpening our steadfast focus on agile operations and cost control, which helped us to successfully generate a sequential increase in net profit. At the same time, we continued to execute on our upgraded strategy of concentrating on higher quality customers in more economically resilient regions. There are encouraging signs that our strategy is bearing fruit, with our average ticket size growing and our C-M3 ratio remaining stable compared with the first quarter. In contrast with the challenges faced by our retail credit model, our consumer finance business continued to develop healthily, with the total outstanding balance of consumer finance loans reaching RMB32.8 billion by the end of the second quarter, and the non-performing loan ratio falling by two percentage points sequentially to 2.2%. Meanwhile, we addressed compressed take rates, attributable to elevated premiums charged by our credit insurance partners, by advancing closer towards our 100% credit guaranteed model. As of the end of the second quarter, our risk-taking by balance had risen to 27.5% from 24.5% in the first quarter, and we expect this figure to exceed 40% by the end of the year. Looking ahead, we will continue to execute on our de-risk and diversify strategy while optimizing our operating costs, as we accelerate our transition to the 100% guarantee model and lay the groundwork for our U-shaped recovery."
Mr. David Choy, Chief Financial Officer of Lufax, commented, "We continued to advance our efforts aimed at refining our cost structure and strengthening our business model in the second quarter. As a result, we reduced our total operating expenses by 27.2% year over year, and recorded a net profit of RMB1.0 billion during the quarter. Our balance sheet remains strong, with our cash at bank balance increasing to RMB46.9 billion since the end of our last fiscal year. Notably, our guarantee subsidiary's leverage ratio stood at only 1.6x as of the end of the second quarter, compared to the regulatory maximum allowance of 10x. Furthermore, liquid assets[6] maturing in 90 days or less amounted to RMB38.2 billion as of the end of June 2023. Going forward, we are confident in the strength of our business model as we strive to deliver sustainable value and long-term growth for our shareholders."
[1] The take rate of retail credit enablement business is calculated by dividing the aggregated amount of loan enablement service fees, post-origination service fees, net interest income, guarantee income and the penalty fees and account management fees by the average outstanding balance of loans enabled for each period. |
[2] Flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products and consumer finance subsidiary are excluded from the flow rate calculation. |
[3] DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation. |
[4] DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation. |
[5] Non-performing loan ratio for consumer finance loans is calculated by using the outstanding balance of consumer finance loans for which any payment is 61 or more calendar days past due and not written off, and certain restructured loans, divided by the outstanding balance of consumer finance loans. |
[6] Liquid assets consist of cash at bank, financial assets at amortized cost, and financial assets at fair value through profit or loss with a maturity of 90 days or less as of June 30, 2023. |
Second Quarter 2023 & First Half 2023 Financial Results
TOTAL INCOME
Total income was RMB9,270 million (US$ 1,278 million) in the second quarter of 2023, compared to RMB15,288 million in the same period of 2022, representing a decrease of 39.4%.
Three Months Ended June 30, | ||||||||||
(In millions except percentages, | 2022 | 2023 | YoY | |||||||
RMB | % of income | RMB | % of income | |||||||
Technology platform-based income | 7,380 | 48.3 % | 4,076 | 44.0 % | (44.8 %) | |||||
Net interest income | 5,010 | 32.8 % | 3,367 | 36.3 % | (32.8 %) | |||||
Guarantee income | 1,936 | 12.7 % | 1,149 | 12.4 % | (40.7 %) | |||||
Other income | 532 | 3.5 % | 310 | 3.3 % | (41.7 %) | |||||
Investment income | 428 | 2.8 % | 370 | 4.0 % | (13.6 %) | |||||
Share of net profits of investments | 2 | 0.0 % | (1) | (0.0 %) | (165.6 %) | |||||
Total income | 15,288 | 100.0 % | 9,270 | 100.0 % | (39.4 %) | |||||
Six Months Ended June 30, | ||||||||||
(In millions except percentages, | 2022 | 2023 | YoY | |||||||
RMB | % of income | RMB | % of income | |||||||
Technology platform-based income | 16,672 | 51.1 % | 9,086 | 47.0 % | (45.5 %) | |||||
Net interest income | 9,994 | 30.7 % | 6,716 | 34.7 % | (32.8 %) | |||||
Guarantee income | 3,838 | 11.8 % | 2,565 | 13.3 % | (33.2 %) | |||||
Other income | 1,236 | 3.8 % | 538 | 2.8 % | (56.5 %) | |||||
Investment income | 863 | 2.6 % | 445 | 2.3 % | (48.4 %) | |||||
Share of net profits of investments | 1 | 0.0 % | (2) | (0.0 %) | (215.3 %) | |||||
Total income | 32,604 | 100.0 % | 19,348 | 100.0 % | (40.7 %) | |||||
TOTAL EXPENSES
Total expenses decreased by 27.2% to RMB7,957 million (US$1,097 million) in the second quarter of 2023 from RMB10,935 million in the same period of 2022. This decrease was mainly driven by sales and marketing expenses, as sales and marketing expenses decreased by 27.3% to RMB2,540 million (US$350 million) in the second quarter of 2023 from RMB3,496 million in the same period of 2022. Total expenses excluding credit impairment losses, asset impairment losses, finance costs and other (gains)/losses decreased by 21.6% to RMB4,954 million (US$683 million) in the second quarter of 2023 from RMB6,322 million in the same period of 2022.
Three Months Ended June 30, | ||||||||||
(In millions except percentages, unaudited) | 2022 | 2023 | YoY | |||||||
RMB | % of income | RMB | % of income | |||||||
Sales and marketing expenses | 3,496 | 22.9 % | 2,540 | 27.4 % | (27.3 %) | |||||
General and administrative expenses | 762 | 5.0 % | 493 | 5.3 % | (35.3 %) | |||||
Operation and servicing expenses | 1,581 | 10.3 % | 1,576 | 17.0 % | (0.3 %) | |||||
Technology and analytics expenses | 483 | 3.2 % | 344 | 3.7 % | (28.8 %) | |||||
Credit impairment losses | 3,513 | 23.0 % | 2,998 | 32.3 % | (14.7 %) | |||||
Asset impairment losses | 352 | 2.3 % | - | - | (100.0 %) | |||||
Finance costs | 221 | 1.4 % | 136 | 1.5 % | (38.7 %) | |||||
Other (gains)/losses - net | 527 | 3.4 % | (130) | (1.4 %) | (124.8 %) | |||||
Total expenses | 10,935 | 71.5 % | 7,957 | 85.8 % | (27.2 %) | |||||
Six Months Ended June 30, | ||||||||||
(In millions except percentages, unaudited) | 2022 | 2023 | YoY | |||||||
RMB | % of income | RMB | % of income | |||||||
Sales and marketing expenses | 7,980 | 24.5 % | 5,570 | 28.8 % | (30.2 %) | |||||
General and administrative expenses | 1,487 | 4.6 % | 1,249 | 6.5 % | (16.0 %) | |||||
Operation and servicing expenses | 3,171 | 9.7 % | 3,134 | 16.2 % | (1.2 %) | |||||
Technology and analytics expenses | 931 | 2.9 % | 686 | 3.5 % | (26.4 %) | |||||
Credit impairment losses | 6,336 | 19.4 % | 6,130 | 31.7 % | (3.3 %) | |||||
Asset impairment losses | 352 | 1.1 % | - | - | (100.0 %) | |||||
Finance costs | 432 | 1.3 % | 324 | 1.7 % | (24.9 %) | |||||
Other (gains)/losses - net | 409 | 1.3 % | (173) | (0.9 %) | (142.3 %) | |||||
Total expenses | 21,099 | 64.7 % | 16,920 | 87.5 % | (19.8 %) | |||||
NET PROFIT
Net profit was RMB1,004 million (US$138 million) in the second quarter of 2023, compared to RMB2,936 million in the same period of 2022, as a result of the aforementioned factors.
EARNINGS PER ADS
Basic and diluted earnings per American Depositary Share ("ADS") were both RMB0.42 (US$0.06) in the second quarter of 2023. Each two ADSs represents one ordinary share ("Share").
BALANCE SHEET
The Company had RMB 46,928 million (US$6,472 million) in cash at bank as of June 30, 2023, as compared to RMB43,882 million as of December 31, 2022. Net assets of the Company amounted to RMB94,818 million (US$13,076 million) as of June 30, 2023, as compared to RMB94,787 million as of December 31, 2022.
Recent Developments
Declaration of Semi-Annual Dividend
The Board has approved a cash dividend of US$0.078 per ordinary share or US$0.039 per ADS for the six-month period ended June 30, 2023, to holders of ordinary shares and holders of ADSs of record as of the close of business on October 12, 2023, Hong Kong time and New York time, respectively. The Company expects the semi-annual dividend to be paid to the holders of ordinary shares on Monday, October 24, 2023 (Hong Kong time). The depositary, Citibank, N.A., expects to pay the dividend to the holders of ADSs on October 30, 2023 (New York time). Dividend to be paid to the Company's ADS holders through the depositary will be subject to the terms of the deposit agreement.
For holders of ordinary shares, in order to qualify for entitlement to the dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company's Hong Kong branch share registrar, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, for registration not later than 4:30 p.m. on October 12, 2023 (Hong Kong time).
Business Outlook
For the full year of 2023, the Company expects its new loans enabled to be in the range of RMB190 billion to RMB210 billion.
These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.
Conference Call Information
The Company's management will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on Monday, August 21, 2023 (9:00 A.M. Beijing Time on Tuesday, August 22, 2023) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a participant dial-in number, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call
Registration Link: https://www.netroadshow.com/events/login?show=b1fbb5ad&confId=53994
A replay of the conference call will be accessible through August 28, 2023 (dial-in numbers: +1 (866) 813-9403 or +1 (929) 458-6194; replay access code: 308687). A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.lufaxholding.com.
About Lufax
Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 91 financial institutions in China as funding and credit enhancement partners, many of which have worked with the Company for over three years.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.2513 to US$1.00, the rate in effect as of June 30, 2023, as certified for customs purposes by the Federal Reserve Bank of New York.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Lufax's beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. These forward-looking statements include, but are not limited to, statements about Lufax's goals and strategies; Lufax's future business development, financial condition and results of operations; expected changes in Lufax's income, expenses or expenditures; expected growth of the retail credit enablement; Lufax's expectations regarding demand for, and market acceptance of, its services; Lufax's expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lufax does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com
ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com
LUFAX HOLDING LTD | ||||||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||||||
(All amounts in thousands, except share data, or otherwise noted) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||
Technology platform-based income | 7,379,637 | 4,075,697 | 562,064 | 16,671,652 | 9,086,070 | 1,253,026 | ||||||
Net interest income | 5,010,245 | 3,366,917 | 464,319 | 9,993,806 | 6,715,547 | 926,116 | ||||||
Guarantee income | 1,936,139 | 1,148,646 | 158,406 | 3,838,473 | 2,565,405 | 353,786 | ||||||
Other income | 532,002 | 310,170 | 42,774 | 1,235,577 | 537,632 | 74,143 | ||||||
Investment income | 428,234 | 370,043 | 51,031 | 863,222 | 445,007 | 61,369 | ||||||
Share of net profits of investments accounted for | 1,754 | (1,151) | (159) | 1,377 | (1,587) | (219) | ||||||
Total income | 15,288,011 | 9,270,322 | 1,278,436 | 32,604,107 | 19,348,074 | 2,668,221 | ||||||
Sales and marketing expenses | (3,495,839) | (2,540,067) | (350,291) | (7,979,735) | (5,570,120) | (768,155) | ||||||
General and administrative expenses | (761,940) | (493,345) | (68,035) | (1,487,481) | (1,249,416) | (172,302) | ||||||
Operation and servicing expenses | (1,581,171) | (1,576,137) | (217,359) | (3,170,998) | (3,134,026) | (432,202) | ||||||
Technology and analytics expenses | (483,385) | (344,131) | (47,458) | (931,268) | (685,616) | (94,551) | ||||||
Credit impairment losses | (3,512,913) | (2,997,706) | (413,403) | (6,336,429) | (6,129,506) | (845,298) | ||||||
Asset impairment losses | (351,956) | - | - | (351,956) | - | - | ||||||
Finance costs | (221,279) | (135,649) | (18,707) | (432,071) | (324,288) | (44,721) | ||||||
Other gains/(losses) - net | (526,718) | 130,444 | 17,989 | (408,691) | 172,856 | 23,838 | ||||||
Total expenses | (10,935,201) | (7,956,591) | (1,097,264) | (21,098,629) | (16,920,116) | (2,333,391) | ||||||
Profit before income tax expenses | 4,352,810 | 1,313,731 | 181,172 | 11,505,478 | 2,427,958 | 334,831 | ||||||
Income tax expenses | (1,416,356) | (310,113) | (42,767) | (3,279,143) | (691,970) | (95,427) | ||||||
Net profit for the period | 2,936,454 | 1,003,618 | 138,405 | 8,226,335 | 1,735,988 | 239,404 | ||||||
Net profit/(loss) attributable to: | ||||||||||||
Owners of the Group | 2,908,962 | 965,349 | 133,128 | 8,187,904 | 1,637,325 | 225,797 | ||||||
Non-controlling interests | 27,492 | 38,269 | 5,278 | 38,431 | 98,663 | 13,606 | ||||||
Net profit for the period | 2,936,454 | 1,003,618 | 138,405 | 8,226,335 | 1,735,988 | 239,404 | ||||||
Earnings per share | ||||||||||||
-Basic earnings per share | 2.54 | 0.84 | 0.12 | 7.16 | 1.43 | 0.20 | ||||||
-Diluted earnings per share | 2.46 | 0.84 | 0.12 | 6.73 | 1.43 | 0.20 | ||||||
-Basic earnings per ADS | 1.27 | 0.42 | 0.06 | 3.58 | 0.72 | 0.10 | ||||||
-Diluted earnings per ADS | 1.23 | 0.42 | 0.06 | 3.37 | 0.72 | 0.10 | ||||||
LUFAX HOLDING LTD | ||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||
(All amounts in thousands, except share data, or otherwise noted) | ||||||
As of December 31, | As of June 30, | |||||
2022 | 2023 | |||||
RMB | RMB | USD | ||||
Assets | ||||||
Cash at bank | 43,882,127 | 46,927,978 | 6,471,664 | |||
Restricted cash | 26,508,631 | 16,525,118 | 2,278,918 | |||
Financial assets at fair value through profit or loss | 29,089,447 | 23,174,613 | 3,195,925 | |||
Financial assets at amortized cost | 4,716,448 | 3,628,947 | 500,455 | |||
Accounts and other receivables and contract assets | 15,758,135 | 10,245,741 | 1,412,952 | |||
Loans to customers | 211,446,645 | 163,236,747 | 22,511,377 | |||
Deferred tax assets | 4,990,352 | 4,991,199 | 688,318 | |||
Property and equipment | 322,499 | 248,284 | 34,240 | |||
Investments accounted for using the equity method | 39,271 | 37,684 | 5,197 | |||
Intangible assets | 885,056 | 879,258 | 121,255 | |||
Right-of-use assets | 754,010 | 557,225 | 76,845 | |||
Goodwill | 8,911,445 | 8,911,445 | 1,228,944 | |||
Other assets | 1,958,741 | 1,517,147 | 209,224 | |||
Total assets | 349,262,807 | 280,881,386 | 38,735,314 | |||
Liabilities | ||||||
Payable to platform users | 1,569,367 | 1,436,543 | 198,108 | |||
Borrowings | 36,915,513 | 31,813,817 | 4,387,326 | |||
Bond payable | 2,143,348 | 1,151,921 | 158,857 | |||
Current income tax liabilities | 1,987,443 | 544,309 | 75,064 | |||
Accounts and other payables and contract liabilities | 12,198,654 | 7,558,070 | 1,042,306 | |||
Payable to investors of consolidated structured entities | 177,147,726 | 121,523,513 | 16,758,859 | |||
Financing guarantee liabilities | 5,763,369 | 4,720,097 | 650,931 | |||
Deferred tax liabilities | 694,090 | 648,329 | 89,409 | |||
Lease liabilities | 748,807 | 545,060 | 75,167 | |||
Convertible promissory note payable | 5,164,139 | 5,556,909 | 766,333 | |||
Optionally convertible promissory notes | 8,142,908 | 8,726,033 | 1,203,375 | |||
Other liabilities | 2,000,768 | 1,839,112 | 253,625 | |||
Total liabilities | 254,476,132 | 186,063,713 | 25,659,359 | |||
Equity | ||||||
Share capital | 75 | 75 | 10 | |||
Share premium | 32,073,874 | 31,290,230 | 4,315,120 | |||
Treasury shares | (5,642,769) | (5,642,769) | (778,173) | |||
Other reserves | 2,158,432 | 1,439,763 | 198,552 | |||
Retained earnings | 64,600,234 | 66,237,559 | 9,134,577 | |||
Total equity attributable to owners of the Company | 93,189,846 | 93,324,858 | 12,870,086 | |||
Non-controlling interests | 1,596,829 | 1,492,815 | 205,869 | |||
Total equity | 94,786,675 | 94,817,673 | 13,075,955 | |||
Total liabilities and equity | 349,262,807 | 280,881,386 | 38,735,314 | |||
LUFAX HOLDING LTD | ||||||||||||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||
(All amounts in thousands, except share data, or otherwise noted) | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30 | |||||||||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||||||||
Net cash generated from/(used in) operating activities | (1,034,772) | 1,994,730 | 275,086 | (2,736,994) | 5,280,779 | 728,253 | ||||||||||||
Net cash generated from/(used in) investing activities | 6,048,599 | (339,249) | (46,785) | 12,943,660 | 1,835,491 | 253,126 | ||||||||||||
Net cash generated from/(used in) financing activities | (6,577,441) | (8,844,090) | (1,219,656) | (7,302,588) | (11,621,316) | (1,602,653) | ||||||||||||
Effects of exchange rate changes on cash and cash equivalents | 24,535 | 393,412 | 54,254 | 2,358 | 427,092 | 58,899 | ||||||||||||
Net increase/(decrease) in cash and cash equivalents | (1,539,079) | (6,795,197) | (937,101) | 2,906,436 | (4,077,954) | (562,376) | ||||||||||||
Cash and cash equivalents at the beginning of the period | 30,941,825 | 32,254,754 | 4,448,134 | 26,496,310 | 29,537,511 | 4,073,409 | ||||||||||||
Cash and cash equivalents at the end of the period | 29,402,746 | 25,459,557 | 3,511,033 | 29,402,746 | 25,459,557 | 3,511,033 | ||||||||||||
SOURCE Lufax Holding Ltd