OneConnect Financial Technology Inc. (NASDAQ: OCFT) stock declines by 22.12% in the current market trading. In China, OneConnect is the most popular technology-as-a-service platform for financial institutions. The OCFT platform offers cloud-native technology solutions that combine comprehensive financial services industry knowledge with industry-leading technology.
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OCFT stock, Financial Outcomes
OneConnect Financial Technology announced its second-quarter 2021 financial results. The highlights are given below:
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- Year on year, revenue rose by 25.0 percent to RMB968 million from RMB774 million.
- Gross margin was 34.1% which is a decrease from 38.4% in the previous quarter however the non-IFRS gross margin was 42.3 percent a plunge from 47.5 percent in Q2 2020.
- The operating loss was RMB395 million, compared to RMB361 million the previous year for the same period.
- In the same time the previous year, the total loss attributable to shareholders was RMB349 million, compared to RMB331 million this year.
- The basic and diluted net loss per share was RMB0.31, relative to RMB0.32 for the same time last year.
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Business Highlights
- In Q2 2021, RMB17.7 billion in retail loans were handled, relative to RMB20.6 billion in the same period last year.
- For the second quarter, RMB9.1 billion in SMEs loans were processed, up from RMB8.4 billion in the same period the previous year.
- The number of rapid claims checks increased to 1.65 million in the second quarter, up from 1.45 million in the previous quarter.
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Ye Wangchun, chairman and CEO of OneConnect commented,
In the second quarter, the leadership team worked hard to resolve changes brought on by regulatory tightening, a shift in customer needs, and operating conditions. Despite these obstacles, their revenue increased by 25% year on year to RMB968 million, owing to their diverse suite of solutions. They will focus on strengthening product and customer management in the second half of the year to guarantee that their business can aim to maintain consistent structure despite external uncertainty.
