Jiayin Group Q2 Profit Slips, Despite Revenue Growth

(RTTNews) - Jiayin Group Inc. (JFIN), a Chinese fintech platform that connects the individual borrowers and financial institutions, on Tuesday reported a decline in net profit for the second-quarter, amidst an increase in costs and expenses. However, the company posted an improvement in revenue.

For the three-month period to June 30, Jiayin posted a net income of RMB 238.271 million or RMB 1.12 per share, lower than RMB 326.351 million or RMB 1.52 per share, recorded for the same period last year.

Earnings per ADS slipped to RMB 4.48 from last year's RMB 6.08 per ADS.

Income from operations dropped to RMB227.063 million from RMB369.303 million in 2023.

Total operating costs and expenses moved up to RMB1.249 billion from the prior year's RMB908.521 million.

Loan facilitation volume was unchanged at RMB 24 billion, compared with RMB 24 billion in the same period in 2023.

Revenue was RMB 1.476 billion, up from RMB 1.277 billion a year ago.

Revenue from loan facilitation services was RMB 951.1 million, representing an increase of 2.8 percent from the same period of 2023.

The increase was primarily driven by service fee optimization within the company's loan facilitation operations.