Ping An Group fintech affiliate Lufax has seen a sharp profit surge in the second quarter of 2021, as the Chinese economy continues to hold steady in the wake of the COVID-19 pandemic.
Lufax saw total revenues of 14.828 billion yuan in the second quarter of 2021, for YoY growth of 17.3%, according to the fintech platform’s latest performance
Net profits were 4.729 billion yuan in the second quarter, for YoY growth of 53.2%, while retail lending operations remain Lufax’s chief source of revenue, accounting for 62% of the total.
Net interest revenues were 3.227 billion yuan in the second quarter, accounting for 21.8% of the total, as compared to 12.9% during the same period last year.
Tech platform revenues were 1.0374 billion yuan, accounting for an 82.1%, as compared to 64.7% in the same period last year.
Lufax’s second quarter report indicates that its P2P lending operations have fallen to zero, following crack down by regulators in the wake of endemic fraud and risk issues.
