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Key Takeaways: Online loan facilitators Lufax and Qifu both reported year-on-year revenue declines in the second quarter Rival FinVolution posted a revenue gain for the quarter, as contributions from its overseas operations helped to offset sluggish performance at home By Warren Yang
Lufax Holding, the Chinese online lender backed by Ping An Insurance, reported an 86% year-on-year decline in profit in the first quarter, amid China’s lacklustre economic recovery, reports the South China Morning Post. Net income at the Shanghai-based company stood at RMB 732 million ($103.8 million) in the first three months, compared with RMB 5.29 billion…