LexinFintech Holdings Ltd – ADR (NASDAQ:LX) stock rose 8.04% (As on March 19, 12:18:49 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 22 has reported the Total operating revenue was RMB3,050 million, representing an increase of 38.7% from the fourth quarter of 2021. Credit facilitation service income was RMB1,964 million, representing an increase of 71.4% from the fourth quarter of 2021. Tech-empowerment service income was RMB413 million, representing a decrease of 34.6% from the fourth quarter of 2021. Installment e-commerce platform service income was RMB674 million, representing an increase of 59.3% from the fourth quarter of 2021. Adjusted net income attributable to ordinary shareholders of the Company was RMB390 million, representing an increase of 23.7% from the fourth quarter of 2021. Adjusted net income per ADS attributable to ordinary shareholders of the Company was RMB2.09 on a fully diluted basis.

Moreover, Loan facilitation and servicing fees-credit oriented increased by 40.1% from RMB606 million in the fourth quarter of 2021 to RMB849 million in the fourth quarter of 2022. The increase was primarily due to the significant increase in off-balance sheet loans originated under the credit-oriented model. Guarantee income increased by 190.8% from RMB172 million in the fourth quarter of 2021 to RMB500 million in the fourth quarter of 2022. The increase was primarily driven by the increase in loan originations and the increase of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees. Financing income increased by 67.3% from RMB367 million in the fourth quarter of 2021 to RMB615 million in the fourth quarter of 2022. The increase was primarily driven by the increase in the origination of on-balance sheet loans in the fourth quarter of 2022. Gross profit decreased by 13.9% from RMB1,212 million in the fourth quarter of 2021 to RMB1,043 million in the fourth quarter of 2022.

Additionally, on November 17, 2022, the Company’s board of directors authorized a new share repurchase program under which the Company could purchase up to an aggregate of US$20 million of its shares/ADSs over the next twelve months.

Based on the Company’s preliminary assessment of the current market conditions, total loan originations for the first quarter of the fiscal year 2023 are expected to be around RMB60 billion, representing an increase of approximately 39% on a year-over-year basis.