---
title: "\"Big Banks\" Citigroup: QFIN's quarterly results meet expectations, first quarter guidance under pressure"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279707483.md"
description: "Citi released a report stating that QFIN's non-GAAP net profit for the fourth quarter of last year was RMB 1.1 billion, in line with expectations. Management expects net profit in the first quarter of 2026 to decline to between RMB 900 million and RMB 950 million, mainly affected by a decrease in loan volume and reduced gains from convertible bond redemptions. QFIN's dividend for the second half of the year is $0.78 per share, with a dividend yield of 5.4%. Citi maintains a \"Buy/High Risk\" rating on QFIN's U.S. stock, with a target price lowered to $32"
datetime: "2026-03-19T02:00:27.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279707483.md)
  - [en](https://longbridge.com/en/news/279707483.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279707483.md)
---

# "Big Banks" Citigroup: QFIN's quarterly results meet expectations, first quarter guidance under pressure

Citi published a research report indicating that QFIN Technology (03660.HK) had a non-GAAP net profit of 1.1 billion RMB in the fourth quarter of last year, down 29% quarter-on-quarter and down 46% year-on-year, which is roughly in line with expectations. Positive factors include one-time gains from the redemption of convertible bonds (2.7 billion in the fourth quarter) and loan volumes exceeding expectations, offsetting the negative impact of a quarter-on-quarter decline in annualized interest rates. Excluding the gains from the redemption of convertible bonds, the bank estimates that QFIN's non-GAAP net profit in the fourth quarter was approximately 840 million RMB, down 45% quarter-on-quarter and down 58% year-on-year.

Management expects that the non-GAAP net profit for the first quarter of 2026 will decline to between 900 million and 950 million RMB, representing a quarter-on-quarter decrease of 12% to 16%. The bank believes this is mainly driven by a quarter-on-quarter decline in loan volumes, a slowdown in annualized interest rates under tightened risk appetite, and a reduction in one-time gains from the redemption of convertible bonds. QFIN's dividend for the second half of the year is 0.78 USD per American Depositary Share, implying a dividend yield of 5.4%.

Citi maintains a "Buy/High Risk" rating on QFIN Technology (QFIN.US) with a target price lowered from 33 USD to 32 USD

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