Jiayin Group Inc. Reports Third Quarter 2024 Unaudited Financial Results

Core Viewpoint - Jiayin Group Inc. reported its third quarter financial results for 2024, highlighting a significant increase in loan facilitation volume despite declines in net revenue and net income compared to the same period in 2023 [1][4]. Financial Performance - Loan facilitation volume reached RMB26.7 billion (US$3.8 billion), a 10.3% increase from Q3 2023 [2]. - Net revenue was RMB1,444.9 million (US$205.9 million), a decrease of 1.5% from the same period in 2023 [3][5]. - Income from operations was RMB311.9 million (US$44.4 million), down 18.3% year-over-year [3][10]. - Net income decreased to RMB269.6 million (US$38.4 million), a decline of 16.8% from RMB323.9 million in Q3 2023 [3][10]. Revenue Breakdown - Revenue from loan facilitation services increased by 18.1% to RMB1,105.7 million (US$157.6 million), driven by service fee optimization and increased loan facilitation volume [5]. - Revenue from releasing guarantee liabilities was RMB251.7 million (US$35.9 million), down from RMB397.9 million in Q3 2023, primarily due to decreased average outstanding loan balances [6]. - Other revenue decreased to RMB87.5 million (US$12.4 million) from RMB131.9 million in the same period last year [6]. Expenses - Facilitation and servicing expenses were RMB419.1 million (US$59.7 million), down from RMB544.3 million in Q3 2023 [7]. - Sales and marketing expenses increased by 34.9% to RMB550.3 million (US$78.4 million) due to higher borrower acquisition costs [8]. - Research and development expenses rose by 36.0% to RMB95.9 million (US$13.7 million) [9]. Operational Metrics - The average borrowing amount per transaction was RMB7,629 (US$1,087), a decrease of 30.5% from the same period in 2023 [2]. - The repeat borrowing rate was 67.8%, down from 71.5% in Q3 2023 [3]. Business Outlook - The company expects loan facilitation volume for Q4 2024 to reach no less than RMB25 billion, reflecting current market conditions [15]. Dividend Policy - The board approved an amended dividend policy allowing for cash dividends to be declared once each fiscal year, starting from 2025, at no less than 15% of the previous fiscal year's net income after tax [17]. Share Repurchase Plan - The board approved an extension of the share repurchase plan, allowing for the repurchase of ordinary shares with an aggregate value not exceeding US$30 million through June 12, 2025 [19].