Jiayin Group Inc – ADR (NASDAQ:JFIN) Profit Rises

Jiayin Group Inc – ADR (NASDAQ:JFIN) stock fell 8.77% (As on November 24, 7:35:34 AM UTC-4, Source: Google Finance) though the company in the third quarter of FY 22 has reported 55% increase in the Net revenue to RMB894.3 million (US$125.7 million). Revenue from loan facilitation services was RMB792.9 million (US$111.5 million), representing an increase of 47.7% from the same period of 2021. The increase was primarily due to increased loan origination volume from the Company’s institutional funding partners. Other revenue was RMB101.4 million (US$14.3 million), compared with RMB40.3 million in the third quarter of 2021. The increase was mainly driven by revenue generated from individual investor referral services. Net income was RMB248.1 million (US$34.9 million), representing an increase of 98.8% from RMB124.8 million in the same period of 2021. Cash and cash equivalents were RMB217.5 million (US$30.6 million) as of September 30, 2022, compared with RMB213.9 million as of June 30, 2022.

Moreover, Loan origination volume was RMB14.9 billion (US$2.1 billion), representing an increase of 123.5% from the same period of 2021. Average borrowing amount per borrowing was RMB10,158 (US$1,428), representing an increase of 58.1% from the same period of 2021. Repeat borrowing rate was 63.8%, compared with 69.1% in the same period of 2021. Income from operations was RMB308.6 million (US$43.4 million), representing an increase of 100.7% from RMB153.8 million in the same period of 2021.

Furthermore, Origination and servicing expense was RMB148.4 million (US$20.9 million), representing an increase of 68.1% from the same period of 2021, driven by the increase in the Company’s loan origination volume. Allowance for receivables and contract assets was RMB5.9 million (US$0.8 million), representing a decrease of 4.8% from the same period of 2021. Sales and marketing expense was RMB323.6 million As of September 30, 2022, the Company had RMB678.8 million (US$95.4 million) of cash and cash equivalents and RMB170.1 million (US$23.9 million) of short-term investments, compared with RMB626.7 million of cash and cash equivalents and RMB184.2 million of short-term investments as of December 31, 2021. General and administrative expense was RMB51.4 million (US$7.2 million), representing an increase of 13.5% from the same period of 2021, primarily driven by an increase in expenditures for employee compensation and related benefits. Research and development expense was RMB56.4 million (US$7.9 million), representing an increase of 52.0% from the same period of 2021, primarily due to higher employee compensation and benefit expenses as well as increased professional service fees.

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