Lufax Holding Ltd. (LU) has released an update.
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Lufax Holding Ltd, a key player in China’s financial services for small business owners, has reported a total income of US$966 million for Q4 2023, down from the previous year, with a net loss of US$117 million. The company experienced a 45.3% decrease in the outstanding balance of loans enabled, although the cumulative number of borrowers grew by 10%. Despite these challenges, Lufax emphasized the completion of major de-risking and diversification initiatives to enhance asset quality.
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