Lufax Holding (LU) Tops Q1 EPS by 5c

Lufax Holding (NYSE: LU) reported Q1 EPS of $0.34, $0.05 better than the analyst estimate of $0.29.

Business Outlook:

During the first quarter of 2022, the overall economics in China was impacted by the regional lockdowns. Under the current zero COVID policy, the Company believes that rolling lockdowns, simultaneously affecting multiple cities, will likely remain rooted in the landscape throughout most of 2022, thus exerting severe negative influences on the entire economy and the credit business. As such, the Company would like to provide its revised guidance to account for the near-term macro headwinds.

For the first half of 2022, the Company expects its new loans facilitated to decrease between 7% to 10% year over year to the range of RMB294 billion to RMB301 billion, client assets to grow by 1% to 3% year over year to the range of RMB425 billion to RMB434 billion, total income to grow by 8% to 10% year over year to the range of RMB32.5 billion to RMB33.1 billion, and net profit to decrease between 11% to 13% year over year to the range of RMB8.5 billion to RMB8.6 billion. If non-cash foreign exchange losses were excluded from the calculation of net profit, then the Company's expectation would be for a decrease in net profit for the first half of 2022 of between 3% and 4%.

These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

For earnings history and earnings-related data on Lufax Holding (LU) click here.

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