Lufax (NYSE:LU) stock is on the rise Thursday following the release of the Chinese personal financial services company’s fourth quarter 2023 earnings report.
That earnings report starts with a loss of 1.48 yuan per American Depository Shares (ADS). Investors will note that each ADS represents two of the company’s common shares. Wall Street was expecting the company to report losses per share of 0.13 cents for the period. Also worth mentioning is the company’s losses per share of 1.42 yuan in Q4 2022.
Gregory Gibb, co-CEO of Lufax, said the following in the earnings report:
“Through strategic adjustments to customer segmentation and product offerings, we successfully cultivated a new business mix that favors R1-R3 customers and reflects our commitment to de-risking. This, in turn, has gradually transformed our portfolio mix, with consumer finance sales as a proportion of new loan sales increasing to approximately 34% in 2023.”
What’s Next for LU Stock?
The company’s outlook for the full year of 2024 includes new loan sales ranging from 190 billion yuan to 220 billion yuan. It also expects its year-end loan balance to come in between 200 billion yuan and 230 billion yuan.
Investors will also note that Lufax announced plans for a special cash dividend alongside its earnings report. This dividend would pay out $2.42 per ADS if shareholders approve it during a March 30 meeting.
LU stock is up 45.7% Thursday morning, with some 7 million shares traded. The company’s daily average trading volume is about 4.5 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
