Hello and welcome to the X Financial third quarter 2024 earnings conference call. (Operator Instructions) Please note this so that is being recorded.
I would now like to turn the conference over to Victoria Yu. Please go ahead.
Thank you operator. Hello, everyone and thank you for joining us today. The company's results were released earlier today and are available on the company's IR website at ir.xiaoyinggroup.com. On the call today from X Financial are Mr. Kan Li, President; and Mr. Frank Fuya Zheng, Chief Financial Officer.
Mr. Li will give a brief overview of the company's business operations and highlights followed by Mr. Zheng who will go through the financials. They are all available to answer your questions during the Q&A session.
I remind you that this call may contain forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and current market and operating conditions and relate to events let involve known or unknown risks uncertainties or other factors.
All of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statement.
Further information regarding these and other risks, uncertainties and factors is included in the company's filings with the US securities and exchange commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise except as required in the law.
It is now my pleasure to introduce Mr. [Kan] Li. Mr. Li, please go ahead.
Hello everyone. We are pleased to report another strong quarter with loan volume exceeding our forecast and a significant sequential improvement in asset quality. In the third quarter, we continue to promptly adjust non volume based on risk level. As asset quality improved, we further intensified our borrower acquisition efforts which have yielded very positive results.
Both the top and the bottom line continue to grow year over year. Non-GAAP adjusted net income reached a new record high. Specifically, on the operational front, our total loan amount of facilities and originated was down 4% a year on year, but up 25% sequentially to RMB28 billion, above the high end of our guidance.
Delinquency rates for all outstanding loans past due for 31 to 60 days and 91 to 180 days were 1.02% and 3.22% respectively, at the end of the quarter, compared to 1.29% and 4.38% a quarter ago and 1.11% and 2.50% a year ago.
We are pleased with this improvement in asset quality and we will continue to optimize our risk management system through advanced technology.
In September this year, the Chinese government unveiled a comprehensive stimulus package aimed at improving liquidity, boosting the property market, stabilizing financial markets and stimulating consumption. We expect this will provide a meaningful boost to the macroeconomic recovery as an integral part of the economy, the personal finance market, we should benefit from this upturn.
We have already observed a positive signs in the market and are committed to adjust loan volumes in line with the risk net. As a result of this favorable environment, we are raising our guidance and expect our monthly loan volume to exceed RMB10 billion in the fourth quarter, setting a new record.
Now, I will turn the call to Frank, who will go through our financials.
Fuya Zheng
Thank you, Kan and hello everyone. I'm pleased to report that our strategy of balanced business growth and the profitability continue to pay off. Total net revenue was RMB1.6 billion, up 13% year on year and 15% sequentially. While our non-GAAP adjust net income reached a record high of RMB434 million, up [6%] year on year and sequentially.
As we continue to deliver strong profitability and execute on our proven strategy, we have full confidence in our future. We will continue to execute our family annual dividend policy and explore opportunities and our share purchase the purchase program to return more value to our shareholders, over the long term. Now, I would like to brief some financial performance for Q3.
Please note that all numbers stated in RMB and rounded up. Total net revenue increased by 30% to RMB1,582 million from RMB1,397 million in the same period of 2023. Primarily due to growth in the various this is aggregated revenue items compared with the same period of 2023.
Origination and servicing expenses increased by 14% to RMB458 million from RMB403 million in the same period of 2023. Primarily due to the increase in collection expenses resulting from the cumulative effect of increased volume of the loans facilities and originate in the previous quarter compared with the same period of 2023.
Borrow acquisition and the marketing expenses increased by 21% to RMB507 million from RMB420 million in the same period of 2023 primarily due to intensified efforts in borrow acquisitions compared with the same period of 2023. Income from operations was RMB509 million compared with RMB435 million in the same period of 2023.
Net income was RMB376 million compared with the RMB347 million in the same period of 2023. Non-GAAP adjust the net income with RMB434 million compared with RMB375 million in the same period of 2023.
For further financial information, please refer to the earnings release on our IR website. Regarding our share repurchase plan. In September 2024, we further extended the period of USD30 million share repurchase program until the end of March 2026.
In Q3, we repurchased approximately 282,000 ADS for a total consideration of the USD1.3 million. We have approximately USD4.1 million remaining for the potential of the purchase and our current USD30 million share repurchase plan. Additionally, in May 2024 we announced a USD20 million share purchase plan effectively until November 30, 2025.
Following a tender offer complete in July 2024 for approximately USD9.2 million and the USD10.8 million remain available under this plan. Together, these two share purchase plans programs reflect our commitment to enhancing shareholder value.
Now on our business outlook. For Q4 this year, we expect the total loan amount facility and originated to be between RMB30 billion and RMB31 billion in the total loan amount of facility and originated for about for 2024 to be between RMB102.6 billion and RMB103.6 billion. This concludes our prepared remarks and we would like to open the call to questions. Operator, please.
Operator
(Operator Instructions)
Randy Ballista, Blackbird Capital.
Randy Ballista
Hi there. I was wondering if you can update us. On the capital return program. And if there is a plan as to what it would be relative to the net income of the company and as well, if you could update us on the regulatory landscape? Thank you.
Fuya Zheng
Yeah. We are, you know, we have a two repurchase program, you know, have about [RMB50 million] remaining in place. And if we have a talk, you know, working with a few one or two big investor regarding the shares repurchase program, if those programs, the current program is not enough to, we will have an initial you know, to have a new purchase plan in place to add.
Between the two [methods] dividend return and the share repurchase based on our current share price, we are much prefer our share repurchase, you know that's our stand. But we will continue to do semi-annual dividend payout on continued basis. That our plan.
I hope, by end of the year and ULC even though we do not give out in terms of the percentage out to return the capital. But by end of this year, I hope you will see, we will do beyond the normally the percentage in terms of the capital return. Thank you, I'll ask Kan to answer the first question.
Kan Li
In terms of the regulatory environment. It is the management view that there is right now, the regulation has been fairly stable and normally the end of the year is not the time for the government to issue some new rules or regulations. So at this moment, I would say the environment is fairly stable and we do not expect any significant regulations in our industry.
And that being said that we have seen that the Chinese government has been fairly active in trying to stimulate the economy to push up the development rate. And we think that will in turn sort of benefit our industry as a whole and basically as we are in this industry. So that's why that we expect our volume will continue to grow from at this moment. That's it.
Randy Ballista
Thank you.
Operator
(Operator Instructions)
Mason Bourne, AWH Capital.
Mason Bourne
It's good to see the strong results and appreciate the return of capital. Frank, I think you started sort of alluding to it on the dividend, but I just wanted to follow up on that. I mean, the stock is trading on this quarter's results, if you annualize on 1.3 times earnings.
You're paying out about 6.5% of your earnings per share as a dividend. It seems like that could be potentially significantly higher.
I know you said you're not looking at, you know, setting a percentage of income, but if you look at your peers, they're paying somewhere in the low 20s as a percentage. So it seems like you could pay a lot more and not affect your business. I was just kind of hoping that you would consider that. Do you have any thoughts on that?
Fuya Zheng
We did this year, the public buyback and at least we did a public buyback, we were only able to collect about just over about [RMB22 million] ADS. So we definitely have more money available to do more, except the technical currency exchange issue, but that's not excuse, but we yes, we would like to make to do more in terms of the share repurchase.
Hopefully, we lately whatever with prices since the end of September, the prices from like below $5 up to right now, almost 7 will attract more attention and then hopefully there will be more available share for us to buy back. But in terms of our dividend yield, we will continue as I told you before, we will continue to pay above the industry and yield, it's over since right now it's after two dividend Fed rate cuts will be like around about 44.5%. We will keep the yield about around about 6%.
Even as we stock price go up, we will adjust that accordingly. Other than that, I don't know, public buyback offering, what else we can do, which is to the -- just again, we will continue to attract to do dividend payout at attractive rate yield.
And also we will do every possible available share buyback we will do that. And hopefully, in terms of the valuation or whatever, I think that over time it will address by itself. You know, we will continue to focus on the operations. Thank you.
Mason Bourne
Just if I could follow up on that, I think that your peers, I think when you first instituted your dividend, it was about a 10% yield and now you're right, it's around 5%.
The difference though is that your peers, some of them trade it 3, 4, 5 times earnings and you're trading at just over one time earnings. And so, if you can get the buyback done there and you're trading at about a third of your tangible book value, you can get the buyback done.
That's great. So you've had limits on that in the past. And so maybe the dividend increase could be a way that you sort of help the share re-rate? Is that you increase that and then eventually it gets to a 5% dividend yield from share price appreciation.
But just some thoughts there, I know that you guys are focused on returning capital and that's been a real positive over the past year. So I'm not knocking it and just having discussion.
Fuya Zheng
You know, just one more thing, in terms of, the major issue we face in challenges is our volume is very low. And so we hope this volume, went up for the last month. So we could do more direct during the open period. That's another thing we will definitely will do.
And that's what I say, every possible way we will do the maximum in terms of the yield and the share buyback. And hopefully we will just the low valuation issue in a short period of time. But, we're not willing to talk too much, like our peer regarding like something like next year or so, something like that.
Because first of all, in terms of the operation, we are for the last year two or three year, in general, we are in kind of a smooth operation, nothing we can like to point out like a turnaround or a big change.
As we always do, mainly based our operation, many other risk level, definitely on Chinese environment, we'll do our best regarding that. But something else, I think once again nothing I can say other things, just advise for the patients. I think at least for the last two years, our stock appreciation is, maybe much deserve much more but still going up.
I think, when I was on board, this company stock is around the $2. Right now, it's almost $7 and let's see what's going to be. But we definitely hope, the stock price reflect the true value of this company and we believe eventually it will. Thank you.
Mason Bourne
Thank you.
Operator
This concludes our question-and-answer session. I would like to turn the conference back over to Victoria Yu, you for any closing remarks.
Victoria Yu
Thank you, everyone for joining us on the call today. If you haven't got the chance to raise your questions, we will be pleased to answer them through follow up contact. We look forward to speaking with you again in the near future. Thank you.
Operator
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
