LexinFintech Q1 Shows Ecosystem Pivot Boosting Loan Volume and Users but Profits Slip

Overview

• Lexin reported first‑quarter loan volume of RMB 57.9 billion and revenue of RMB 3.3 billion while net profit fell to RMB 201 million as operating expenses rose.
• Company management said its installment e‑commerce, offline inclusive finance and fintech‑empowerment segments together accounted for nearly 50% of loan volume, signaling a deliberate shift from pure online consumer lending.
• Platform traction improved with 5.17 million active users and 1.44 million new active users, showing strong user growth that the company links to its ecosystem businesses.
• Asset quality showed early signs of improvement, including a 7% quarter‑over‑quarter drop in the day‑one delinquency ratio, with management noting tighter risk controls and collection efforts; day‑one delinquency measures borrowers who miss their first scheduled payment and give an early read on credit stress.
• Analysts and management say the pivot could reduce concentration risk and open new revenue streams, but near‑term outcomes depend on sustaining margins, reining in operating costs, and continued improvement across later delinquency vintages in a still uncertain macro and regulatory environment.