Jiayin Group ( (JFIN) ) has released its Q3 earnings. Here is a breakdown of the information Jiayin Group presented to its investors.
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Jiayin Group Inc. is a leading fintech platform in China that specializes in connecting individual borrowers with financial institutions, utilizing advanced data analytics for risk assessment.
In the third quarter of 2024, Jiayin Group reported a mixed financial performance with a notable increase in loan facilitation volume, reaching RMB26.7 billion, marking a 10.3% rise from the previous year. However, net revenue slightly declined by 1.5% to RMB1,444.9 million, while income from operations and net income fell by 18.3% and 16.8%, respectively.
The company’s loan facilitation services saw an 18.1% increase in revenue, fueled by optimization of service fees and increased volume from institutional partners. Despite this, other revenue streams like guarantee liabilities and investor referral services saw declines. Operational costs, particularly in sales and marketing, surged by nearly 35%, reflecting increased efforts in borrower acquisition.
Looking ahead, Jiayin Group remains optimistic with a projection of no less than RMB25 billion in loan facilitation volume for the fourth quarter of 2024. The company is focusing on sustainable growth and leveraging its adaptable business model to continue capturing market opportunities.
