Q2 2024 Jiayin Group Inc Earnings Call Transcript
Key Points
- Jiayin Group Inc (JFIN) achieved a loan facilitation volume of RMB24 billion in Q2 2024, exceeding previous guidance.
- Net revenue increased by 15.5% year over year to RMB1.476 billion, continuing healthy growth momentum.
- The company has integrated AI into several areas, including customer services and decision support, enhancing technological capabilities.
- Jiayin Group Inc (JFIN) established partnerships with 69 financial institutions and is in talks with an additional 35, expanding its network.
- The number of new borrowers reached 680,000, reflecting a 32.9% year over year growth, indicating strong future development potential.
- Net income for Q2 2024 decreased by 27% year over year to RMB238.3 million, indicating profitability challenges.
- Sales and marketing expenses increased by 15.7% year over year, primarily due to higher borrower acquisition costs.
- General and administrative expenses rose by 29.8% year over year, driven by increased payroll and share-based compensation.
- Research and development expenses increased by 36.3% year over year, reflecting higher employee compensation and benefits.
- The repeat borrowing rate dropped from 70.1% last year to 67.1%, indicating potential challenges in borrower retention.
Good day, ladies and gentlemen, thank you for standing by, and welcome to the Jiayin Group second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.
I will now turn the call over to Mr. Shawn Zhang from investor relation of Jiayin Group. Please proceed.
Thank you, operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for the second quarter of 2024. We released our earnings results earlier today. The press release is available on the company's website as well as from newswire services.
On the call with me today are Mr. Yan Dinggui, Chief Executive Officer; Mr. Fan Chunlin, Chief Financial Officer; and Ms. Xu Yifang, Chief Risk Officer.
Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities
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