Exhibit 99.1

Qifu Technology Announces First Quarter 2023 Unaudited Financial Results

and Changes in Dividend Policy

Shanghai, China, May 18, 2023, Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading Credit-Tech platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2023, and changes in dividend policy.

First Quarter 2023 Business Highlights

1 Refers to cumulative registered users across our platform.

2 “Users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.

3 Including 5,113,847 loans across “V-pocket”, and 9,188,306 loans across other products.

4 Refers to the total principal amount of loans facilitated and originated during the given period, including loan volume facilitated through Intelligence Credit Engine (“ICE”) and other technology solutions.

5 “ICE” is an open platform on our “360 Jietiao” APP, we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk. Loan facilitation volume through “ICE” was RMB4,894 million in the first quarter of 2023.

Under other technology solutions, we offer financial institutions on-premise deployed, modular risk management SaaS, which helps financial institution partners improve credit assessment results. Loan facilitation volume through other technology solutions was RMB 22,912 million in the first quarter of 2023.

6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, including loan balance for “ICE” and other technology solutions, excluding loans delinquent for more than 180 days.

7 Outstanding loan balance for “ICE” and other technology solutions were RMB7,406 million and RMB37,807 million, respectively, as of March 31, 2023.

8 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and other technology solutions are not included in the delinquency rate calculation.

9 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.

First Quarter 2023 Financial Highlights

10 Non-GAAP income from operations (Adjusted Income from operations), Non-GAAP net income (Adjusted net income), Non-GAAP operating margin and Non-GAAP net income margin are non-GAAP financial measures. For more information on these non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Mr. Haisheng Wu, Chief Executive Officer and Director of Qifu Technology, commented, “With macro economy modestly recovering, we have experienced gradual pick-up in demand so far this year and achieved healthy growth in loan volume, exceeding our budgeting goals. For the first quarter, total loan facilitation and origination volume was RMB109.5 billion, up approximately 10.7% year-on-year and 4.7% sequentially. To drive continued growth, we further optimized customer acquisition channels and deployed enhanced RTA systems with existing partners. Such effort should enable us to improve cost efficiency while seeking sustainable growth. Approximately 56% of the loan volume was facilitated under the capital-light model, ICE and other technology solutions, which is consistent with recent trends.

With an optimized user base, we continued to offer more attractive products in a stable pricing environment to achieve higher retention rates. Overall risk metrics further enhanced along with modestly improving consumer sentiment throughout the quarter. In addition, we continued to expand our partnership with financial institutions and with the help of stimulus monetary policy and higher ABS issuance, we further reduced our overall funding costs to record low levels.

On the regulatory front, we believe that policy makers’ continued emphasis on economic growth should provide stable and supportive environment to the consumer credit market and platform economy. While we are still in the early stage of an economic recovery and the pace of the recovery remains modest, we are encouraged by various signs of improvement of our operations. We will continue to focus on driving business expansion and technology innovation in 2023 and are confident to at least achieve our operational and financial targets.”

“We are pleased to report another quarter of solid financial results in a seasonally slow quarter. Total revenue was RMB3.60 billion and non-GAAP net income was RMB976 million for the first quarter,” Mr. Alex Xu, Chief Financial Officer, commented. “During the quarter, as economic activities gradually recover, we deployed additional resources to drive business growth while maintaining prudent approach to manage risks and cash flow. At the end of the first quarter, our total cash and cash equivalent*11 was approximately RMB9.0 billion, and we generated approximately RMB1.8 billion cash from operations. Our strong financial positions not only enable us to drive additional growth in an economic recovery, but also allow us to increase dividend payout to our shareholders.”

Mr. Yan Zheng, Chief Risk Officer, added, “We see continued improvement in our overall risk metrics as our users gradually improve their personal financial healthiness and regain their confidence to the future. Among key leading indicators, Day-1 delinquency rate*12 further improved to 4.1% in the first quarter, and 30-day collection rates*13 recovered noticeably from prior quarter. Both metrics are still on a modest improving trend thus far. As the economic conditions improve, we will continue to seek optimal balance between risk exposure and business growth.”

11 Including “Cash and cash equivalents”, “Restricted cash”, and “Security deposit prepaid to third-party guarantee companies”.

12 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.

13 “30 day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.

First Quarter 2023 Financial Results

Total net revenue was RMB3,599.2 million (US$524.1 million), compared to RMB4,320.0 million in the same period of 2022, and RMB3,906.6 million in the prior quarter.

Net revenue from Credit Driven Services was RMB2,630.6 million (US$383.0 million), compared to RMB2,920.6 million in the same period of 2022, and RMB2,776.7 million in the prior quarter.

Loan facilitation and servicing fees-capital heavy were RMB311.2 million (US$45.3 million), compared to RMB561.4 million in the same period of 2022 and RMB361.8 million in the prior quarter. The year-over-year decrease was primarily due to an adjustment related to early repayment for the loans facilitated in the prior quarters and the decline in capital-heavy loan facilitation volume. The sequential decrease was primarily due to further adjustment related to early repayment for the loans facilitated in the prior quarters.

Financing income*14 was RMB1,065.9 million (US$155.2 million), compared to RMB789.2 million in the same period of 2022 and RMB1,002.1 million in the prior quarter. The year-over-year and sequential increases were primarily due to the growth in average outstanding balance of the on-balance-sheet loans.

Revenue from releasing of guarantee liabilities was RMB1,209.8 million (US$176.2 million), compared to RMB1,550.0 million in the same period of 2022, and RMB1,377.0 million in the prior quarter. The year-over-year and sequential decreases were mainly due to decreases in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

Other services fees were RMB43.8 million (US$6.4 million), compared to RMB20.0 million in the same period of 2022, and RMB35.8 million in the prior quarter. The year-over-year and sequential increases were mainly due to the increases in late payment fees under the capital-heavy model.

Net revenue from Platform Services was RMB968.6 million (US$141.0 million), compared to RMB1,399.4 million in the same period of 2022 and RMB1,129.8 million in the prior quarter.

Loan facilitation and servicing fees-capital light were RMB765.3 million (US$111.4 million), compared to RMB1,098.9 million in the same period of 2022 and RMB955.6 million in the prior quarter. The year-over-year decline was mainly due to a decline in average IRR and an adjustment related to early repayment. The sequential decline was primarily due to further adjustment related to early repayment and a shorter average tenor of the loans facilitated in this quarter.

Referral services fees were RMB108.5 million (US$15.8 million), compared to RMB247.3 million in the same period of 2022 and RMB93.3 million in the prior quarter. The year-over-year decrease was mainly due to the decrease in the loan facilitation volume through ICE, as well as a decline in average IRR and a shorter average tenor. The sequential increase was mainly due to the increase in the loan facilitation volume through ICE.

Other services fees were RMB94.8 million (US$13.8 million), compared to RMB53.2 million in the same period of 2022 and RMB80.9 million in the prior quarter. The year-over-year and sequential increases were mainly due to an increase in late payment fees.

Total operating costs and expenses were RMB2,592.1 million (US$377.4 million), compared to RMB2,960.8 million in the same period of 2022 and RMB2,962.7 million in the prior quarter.

Facilitation, origination and servicing expenses were RMB640.3 million (US$93.2 million), compared to RMB614.9 million in the same period of 2022 and RMB585.6 million in the prior quarter. The year-over-year and sequential increases were primarily due to higher collection fees.

Funding costs were RMB159.0 million (US$23.2 million), compared to RMB103.8 million in the same period of 2022 and RMB138.3 million in the prior quarter. The year-over-year and sequential increases were mainly due to the growth in funding from ABS and trusts.

Sales and marketing expenses were RMB422.2 million (US$61.5 million), compared to RMB552.6 million in the same period of 2022 and RMB415.2 million in the prior quarter. The year-over-year and sequential changes were mainly due to changes in unit customer acquisition cost during the first quarter.

General and administrative expenses were RMB104.9 million (US$15.3 million), compared to RMB122.3 million in the same period of 2022 and RMB93.9 million in the prior quarter. The year-over-year and sequential changes were mainly due to changes in professional service fees.

Provision for loans receivable was RMB518.9 million (US$75.6 million), compared to RMB491.2 million in the same period of 2022 and RMB481.4 million in the prior quarter. The year-over-year and sequential increases were mainly due to the growth in loan origination volume of on-balance-sheet loans.

Provision for financial assets receivable was RMB68.8 million (US$10.0 million), compared to RMB60.5 million in the same period of 2022 and RMB118.6 million in the prior quarter. The sequential decline was mainly due to a reversal of prior quarters’ provision in this quarter as loans facilitated in previous quarters performed better than expected.

Provision for accounts receivable and contract assets was RMB-2.2 million (US$-0.3 million), compared to RMB53.6 million in the same period of 2022 and RMB67.3 million in the prior quarter. The year-over-year and sequential declines were mainly due to a reversal of prior quarters’ provision in this quarter as capital-light loans facilitated in previous quarters performed better than expected.

Provision for contingent liability was RMB680.3 million (US$99.1 million), compared to RMB961.9 million in the same period of 2022 and RMB1,062.3 million in the prior quarter. The year-over-year decrease was mainly due to the decrease in loan facilitation volume through capital-heavy model. The sequential decrease was mainly due to a reversal of prior quarters’ provision in this quarter as loans facilitated in previous quarters performed better than expected.

Income from operations was RMB1,007.0 million (US$146.6 million), compared to RMB1,359.3 million in the same period of 2022 and RMB943.9 million in the prior quarter.

Non-GAAP income from operations was RMB1,053.5 million (US$153.4 million), compared to RMB1,411.3 million in the same period of 2022 and RMB995.2 million in the prior quarter.

Operating margin was 28.0%. Non-GAAP operating margin was 29.3%.

Income before income tax expense was RMB1,102.1 million (US$160.5 million), compared to RMB1,390.8 million in the same period of 2022 and RMB1,024.8 million in the prior quarter.

Net income was RMB929.8 million (US$135.4 million), compared to RMB1,174.4 million in the same period of 2022 and RMB867.9 million in the prior quarter.

Non-GAAP net income was RMB976.3 million (US$142.2 million), compared to RMB1,226.4 million in the same period of 2022 and RMB919.3 million in the prior quarter.

Net income margin was 25.8%. Non-GAAP net income margin was 27.1%.

Net income attributed to the Company was RMB934.1 million (US$136.0 million), compared to RMB1,179.5 million in the same period of 2022 and RMB872.0 million in the prior quarter.

Non-GAAP net income attributed to the Company was RMB980.6 million (US$142.8 million), compared to RMB1,231.6 million in the same period of 2022 and RMB923.4 million in the prior quarter.

Net income per fully diluted ADS was RMB5.64 (US$0.82).

Non-GAAP net income per fully diluted ADS was RMB5.92 (US$0.86).

Weighted average basic ADS used in calculating GAAP and non-GAAP net income per ADS was 161.43 million.

Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 165.61 million.

14 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.

30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage

The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and other technology solutions are not included in the 30 day+ charts and the 180 day+ charts:

Changes in Dividend Policy

The board of directors of the Company (the “Board”) previously approved a quarterly cash dividend policy on November 15, 2021 (the “Existing Dividend Policy”), under which the Company would declare and distribute a recurring cash dividend every fiscal quarter, starting from the third fiscal quarter of 2021, at an amount equivalent to approximately 15% to 20% of the Company’s net income after tax for such quarter, subject to adjustment and determination by the Board.

On May 18, 2023, the Board approved the adoption of a semi-annual cash dividend policy (the “New Dividend Policy”) to replace the Company’s Existing Dividend Policy in its entirety, with immediate effect. Under the New Dividend Policy, the Company’s recurring cash dividend will be distributed on a semi-annual basis at an increased dividend payout ratio compared with the Existing Dividend Policy. In particular, the Company will declare and distribute a recurring cash dividend semi-annually, starting from the first half of 2023, at an amount equivalent to approximately 20% to 30% of the Company’s net income after tax for the previous six-month period. The determination to make dividend distributions and the exact amount of such distributions in any particular six-month period will be based upon the Company’s operations and financial conditions, and other relevant factors, and subject to adjustment and determination by the Board. In light of the adoption of the New Dividend Policy, no quarterly dividend was declared by the Board for the first fiscal quarter of 2023.

Business Outlook

While the macro economy started to gradually recover and our business is also trending well, the Company intends to continue to take a prudent approach in its business planning. As such, the Company would like to maintain its outlook of loan facilitation and origination volume for 2023 at between RMB455.0 billion and RMB495.0 billion, representing year-on-year growth of 10% to 20%. This outlook reflects the Company’s current and preliminary views, which is subject to material changes.

Conference Call Preregistration

Qifu Technology’s management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Thursday, May 18, 2023 (8:30 AM Beijing Time on Friday, May 19).

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link: https://register.vevent.com/register/BI9804232659eb4b738df652f8034fac39

Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company's website at http://ir.qifu.tech.

About Qifu Technology

Qifu Technology is a Credit-Tech platform in China that provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

For more information, please visit: https://ir.qifu.tech.

Use of Non-GAAP Financial Measures Statement

To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures.

We use non-GAAP income from operation, non-GAAP operation margin, non-GAAP net income, non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses, non-GAAP net income represents net income excluding share-based compensation expenses, non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses and non-GAAP net income per fully diluted ADS represents net income per fully diluted ADS excluding share-based compensation expenses. Such adjustments have no impact on income tax. We believe that non-GAAP income from operation and non-GAAP net income help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that non-GAAP income from operation and non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8676 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2023.

Safe Harbor Statement

Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

Qifu Technology 

E-mail: ir@360shuke.com

Christensen

In China 

Mr. Eric Yuan 

Phone: +86-138-0111-0739 

E-mail: eric.yuan@christensencomms.com

In US

Ms. Linda Bergkamp 

Phone: +1-480-614-3004 

Email: linda.bergkamp@christensencomms.com

Unaudited Condensed Consolidated Balance Sheets 

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) 

except for number of shares and per share data, or otherwise noted)

Unaudited Condensed Consolidated Statements of Operations 

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) 

except for number of shares and per share data, or otherwise noted)

Unaudited Condensed Consolidated Statements of Cash Flows 

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) 

except for number of shares and per share data, or otherwise noted)

Unaudited Condensed Consolidated Statements of Comprehensive Income 

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) 

except for number of shares and per share data, or otherwise noted)

Unaudited Reconciliations of GAAP and Non-GAAP Results 

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) 

except for number of shares and per share data, or otherwise noted)