Lufax (LU) Narrowed Its Loss 86%. Was the Improvement Mostly Tax-Driven?
August 22, 2026 - 12:26
Pretax profit actually fell to RMB30 million from RMB266 million a year earlier. The tax bill swung from RMB861 million down to RMB112 million, which accounted for most of the narrowing in the net loss. Total income also slipped 15.5 percent to RMB6.23 billion, reflecting continued pressure on the company's core lending and wealth management businesses.
The company has been navigating a tough environment for consumer finance in China, with tighter regulations and cautious borrower demand. While cutting tax liabilities helped the bottom line this quarter, the underlying revenue trend remains weak. Investors will likely focus on whether Lufax can stabilize income growth and improve loan quality in the coming quarters, rather than relying on one-off tax effects to boost reported results.
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