Jiayin Group Inc. Q1 2023 Earnings

Jiayin Group Inc. ("Jiayin" or the "Company") (NASDAQ: JFIN), a leading fintech platform in China, has announced its unaudited financial results for the first quarter ended March 31, 2023. The company reported strong growth in various financial metrics compared to the same period in 2022.

During the first quarter of 2023, Jiayin's total loan origination volume reached RMB19.8 billion (US$2.9 billion), representing a significant increase of 142.9% compared to the first quarter of 2022. The average borrowing amount per borrowing also increased by 13.5% to RMB9,913 (US$1,443).

The repeat borrowing rate for the first quarter of 2023 was 67.8%, slightly lower than the 70.1% recorded in the same period of 2022.

Net revenue for the first quarter of 2023 was RMB1,122.2 million (US$163.4 million), showing a substantial increase of 119.5% compared to the first quarter of 2022.

Income from operations grew by 91.4% to RMB349.3 million (US$50.9 million) in the first quarter of 2023.

Net income for the first quarter of 2023 was RMB279.7 million (US$40.7 million), representing a significant increase of 93.4% compared to the same period in 2022.

Mr. Yan Dinggui, the Founder, Director, and Chief Executive Officer of Jiayin Group, expressed his satisfaction with the company's performance in the first quarter of 2023. He attributed the success to the expansion of partnerships with financial institutions and the implementation of tech-driven risk control strategies. He also highlighted the company's efforts in refining its partnership network and borrower base to reduce funding costs and better serve borrowers. Mr. Yan Dinggui expressed confidence in the company's ability to sustain its momentum and achieve even stronger results in the future.

In terms of financial results, Jiayin reported that revenue from loan facilitation services increased by 94.1% to RMB866.5 million (US$126.2 million) in the first quarter of 2023. Other revenue, which includes individual investor referral services and guarantee income, grew by 295.2% to RMB255.7 million (US$37.2 million).

Operating expenses also increased in the first quarter of 2023. Origination and servicing expenses rose by 193.6% to RMB274.2 million (US$39.9 million), while sales and marketing expenses increased by 155.9% to RMB380.8 million (US$55.4 million).

Despite the higher expenses, Jiayin still achieved a strong income from operations of RMB349.3 million (US$50.9 million) in the first quarter of 2023.

Jiayin Group Inc. expects its loan facilitation volume for the full year of 2023 to reach approximately RMB70 billion and its loan facilitation volume for the second quarter of 2023 to be in the range of RMB23 billion to RMB24 billion.

The company also provided an update on its share repurchase plan, stating that it had repurchased approximately 1.5 million of its American depositary shares for approximately US$3.5 million under the plan as of March 31, 2023.

Jiayin Group Inc. will be conducting a conference call on June 8, 2023, to discuss its financial results in more detail.

Jiayin Group Inc. is a leading fintech platform in China that connects individual borrowers with financial institutions. The company operates a secure platform with a comprehensive risk management system and uses advanced data analytics and algorithms to assess the risk profiles of potential borrowers.

Disclaimer: The exchange rate used in this announcement is RMB6.8676 to US$1.00, as of March 31, 2023.