OneConnect's Q3 2024 Results: A Tale of Resilience and Growth

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT, HKSE: 6638) has released its Q3 2024 financial results, showcasing a remarkable turnaround in net profit attributable to the parent company, which reached RMB110 million. Despite a challenging macroeconomic environment, OneConnect's strategic focus on product upgrades, deepening customer relationships, and overseas expansion has driven its impressive financial performance.

OneConnect's net profit attributable to the parent company surged by 138.9% year-over-year, with a net profit margin of 6.0%, up from -6.2% in the same period last year. This significant improvement can be attributed to the company's successful diversification strategy, which has led to a 23.4% year-over-year increase in revenue from third-party overseas customers. This growth, coupled with a 66.4% year-over-year decrease in revenue from Ping An Group and Lufax, highlights OneConnect's ability to adapt and thrive in changing market conditions.

OneConnect's strategic expansion in the ASEAN region has played a crucial role in its financial success. The company's revenue growth in this region was driven by a 23.4% year-over-year increase in revenue from third-party overseas customers. This growth reflects the growing recognition of OneConnect's products and services in international markets, as well as its commitment to product integration and upgrades, deepening customer relationships, and innovative partnership models.



OneConnect's product upgrades, deepening customer relationships, and innovative partnership models have significantly contributed to its overseas business growth and profitability. In the first three quarters of 2024, OneConnect's third-party overseas customers revenue rose 23.4% year-on-year, with its share in total revenue increasing to 22.8%, up by seven percentage points year-on-year. This achievement demonstrates the growing recognition of OneConnect's products and services among international customers.

OneConnect's success in the ASEAN region is a testament to its commitment to strategic product upgrades, deepening customer relationships, and innovative partnership models. As of the end of the third quarter, OneConnect's business spanned over 20 countries and regions, serving a total of 192 overseas financial institutions, including the top three regional banks in Southeast Asia and two of the top ten global insurance companies.

In conclusion, OneConnect's Q3 2024 results highlight the company's resilience and adaptability in the face of challenging market conditions. Its strategic focus on product upgrades, deepening customer relationships, and overseas expansion has driven impressive financial performance, with a net profit attributable to the parent company reaching RMB110 million. As OneConnect continues to expand its presence in the ASEAN region and beyond, investors should consider the company's long-term potential and enduring business model.