LexinFintech (LX) Now Moving Over 10% Higher Today
Briefly

LexinFintech shares increased by approximately 12% following the announcement of a $50 million share buyback program and CEO Jay Wenjie Xiao's commitment to purchase $10 million in stock. The share repurchase is viewed as a sign of confidence in the company's fundamentals and growth opportunities, enhancing shareholder value. CFO James Zheng reported a net income of over RMB430 million in the first quarter, a significant increase year-over-year, supported by improvements in asset quality and lower funding costs.
"The Share Repurchase Program demonstrates our confidence in Lexin's business fundamentals and growth opportunities. We believe this is an attractive way of deploying our capital and returning value to shareholders, and we will continue to evaluate additional opportunities to enhance shareholder returns."
"Our first-quarter financial results mark another key milestone in our net income target. In the quarter, net income exceeded RMB430 million, representing a 19% quarter-over-quarter and 113% year-over-year increase."
Read at 24/7 Wall St.
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