Lufax Holding Ltd.6623
▲ PositiveCapitalrelevance
Narrowed net loss by 86.2% on tax-driven improvement, though pretax profit declined.
Impact on stocks 2
Digital Finance & Tokenization
Lufax Holding Ltd.Energy
Chevron CorpCVX
Mentioned
Lufax Holding Ltd narrowed its second-quarter net loss by 86.2% to RMB82 million from RMB594 million a year earlier, but the improvement was primarily tax-driven. Pretax profit declined to RMB30 million from RMB266 million, while income-tax expense fell to RMB112 million from RMB861 million. Total income decreased 15.5% to RMB6.23 billion, and total expenses declined 12.7%. Consumer-finance originations rose 27.6% to RMB36.9 billion, and the outstanding consumer-finance balance grew 19.9% to RMB65.4 billion, while the overall loan book contracted 13.5% to RMB167.3 billion. The company declined to declare a semiannual dividend because it remained loss-making during the first half.
Lufax Holding Ltd.Narrowed net loss by 86.2% on tax-driven improvement, though pretax profit declined.
Chevron Corp