Jiayin Group Inc. (JFIN), a Chinese fintech platform facilitating connections between individual borrowers and financial institutions, reported a decline in net profit for the second quarter due to rising costs and expenses. Despite this, the company saw an improvement in revenue.For the quarter ending June 30, Jiayin recorded a net income of RMB 238.271 million, or RMB 1.12 per share, which is down from RMB 326.351 million, or RMB 1.52 per share, during the same period last year.Earnings per ADS decreased to RMB 4.48 from RMB 6.08 per ADS from the previous year.Income from operations fell to RMB 227.063 million from RMB 369.303 million in 2023.Total operating costs and expenses rose to RMB 1.249 billion, compared to RMB 908.521 million the previous year.Loan facilitation volume remained constant at RMB 24 billion, identical to the volume in the same period in 2023.Revenue increased to RMB 1.476 billion, up from RMB 1.277 billion a year earlier.Revenue from loan facilitation services amounted to RMB 951.1 million, marking a 2.8 percent increase from the same period in 2023.This growth was primarily driven by optimization of service fees within the company’s loan facilitation operations.The material has been provided by InstaForex Company – www.instaforex.com
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