Jiayin Group (JFIN) Q2 2024 earnings summary

Executive summary

• Loan facilitation volume for Q2 2024 was RMB 24 billion, up 3.5% sequentially and stable year-over-year, surpassing guidance.

• Net revenue increased 15.5% year-over-year to RMB 1,476 million, maintaining growth momentum.

• Net income declined 27% year-over-year to RMB 238.3 million, impacted by higher guarantee business share and increased investment in borrower acquisition and R&D.

• Repeat borrowing rate was 67.1%, with 680,000 new borrowers in Q2 2024.

• International business, especially in Indonesia and Nigeria, showed strong growth and exceeded expectations.

Financial highlights

• Q2 2024 loan facilitation volume: RMB 24 billion, up 3.5% quarter-over-quarter.

• Net revenue: RMB 1,476 million, up 15.5% year-over-year.

• Net income: RMB 238.3 million, down 27% year-over-year.

• Basic and diluted net income per share: RMB 1.12 (vs. 1.52 in Q2 2023); per ADS: RMB 4.48 (vs. 6.08 in Q2 2023).

• Cash and cash equivalents: RMB 880.2 million as of June 30, 2024, up from RMB 568.2 million at previous quarter end.

Outlook and guidance

• Q3 2024 loan facilitation volume guidance set at approximately RMB 25 billion.

• Full-year 2024 loan facilitation volume guidance is RMB 93–98 billion.

• Management expects profit margin improvement in the second half of 2024 and remains focused on high-quality growth, stable pricing, and capital cost optimization.