Lufax reported Q3 total income down 17.2% to RMB 13.19B (last week)

The company said in its earnings release on November 23, "The third quarter was a challenging time for our company and for our industry as a whole. As our core client base of small business owners continued to feel an outsized impact from a deteriorating macro environment, we faced rising credit impairment losses and credit enhancement costs, weighing on our profitability. In contrast, the regulatory environment is becoming increasingly stabilized; oversight has been normalized and there is an absence of significant outstanding issues for our company…The deterioration in credit quality during the third quarter negatively impacted our results, with new loan volumes declining and credit impairment losses rising. Overall profitability has also been negatively impacted by higher insurance premium. In light of the challenges, we have already tightened customer selection and new business initiated in the last several quarters has delivered better and more resilient performance. We will continue to take the path of strengthening collection on existing vintages and building up a more sustainable and profitable new portfolio, while at the same time we will refine our channel management and optimize our direct sales force to be more nimble, productive and effective in customer targeting and selection."