Jiayin Reports Second Quarter Financial Results

- September 4th, 2019

Jiayin Group (NASDAQ:JFIN), fintech company based in China announced its second quarter unaudited financial results with a 6.6 percent drop in revenues year-over-year to reach US$92.6 million. This was mainly attributed to a decline in loan origination volume, which dipped 13.5 percent during the same time period to reach US$69.5 million during the second quarter. … Continued

Jiayin Group (NASDAQ:JFIN), fintech company based in China announced its second quarter unaudited financial results with a 6.6 percent drop in revenues year-over-year to reach US$92.6 million. This was mainly attributed to a decline in loan origination volume, which dipped 13.5 percent during the same time period to reach US$69.5 million during the second quarter.

As quoted in the press release:

Financial Results

Net revenue was RMB635.6 million (US$92.6 million), representing a decrease of 6.6% from the same period of 2018, primarily due to reduced loan origination volume in the second quarter of 2019.

Revenue from loan facilitation services was RMB477.0 million (US$69.5 million), representing a decrease of 13.5% from the same period of 2018, primarily due to reduced loan origination volume.

Revenue from post-origination services was RMB85.8 million (US$12.5 million), representing an increase of 66.2% from the same period of 2018, as we benefitted from the accumulated loans originated during prior periods.

Origination and Servicing Expense was RMB127.7 million (US$18.6 million), representing an increase of 26.0% from the same period of 2018, primarily due to the increased expenses associated with risk control and credit assessment.

Allowance for Uncollectible Receivables and Contract Assets was RMB70.8 million (US$10.3 million), representing an increase of 23.2% from the same period of 2018, primary due to unfavorable industry conditions.

Sales and Marketing expense was RMB149.8 million (US$21.8 million), representing a decrease of 27.7% from the same period of 2018, primarily due to reduced advertisement spending for promotional activities.

Click here to read the full press release.

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