SHANGHAI, June 13, 2019 /PRNewswire/ -- Jiayin Group Inc ("Jiayin" or "the Company") , a leading online individual finance marketplace in China just experienced an outstanding upsurge of its net income, which was up 56.7% sequentially, according to the Company's Q1, 2019 Financial Results, released on Tuesday.
Increased Sequentially in both Revenue and Income
According to Jiayin's financial results, the net revenue was up 3% sequentially to RMB 731.3 million, and the net income was up 56.7% compared to the previous quarter to RMB 254.2million, combined with robust growth from RMB 41.4 million to RMB 143.2 million quarterly in cash and equivalents -- The financial results indicate the Company is expecting an energetic momentum.
Mr. Yan Dinggui, Founder and Chief Executive Officer of the Company, commented, its performance benefited from the industry's stability from regulatory uncertainty and the extension of the Company's track record.
In the mean time, it is noticed that both the net revenue and net income decreased year-over-year due to the lower loan origination volume, which was directly caused by the policy of "three reductions" made in 2018 for the P2P industry by China's financial regulator.
Envolving Technology Generated High Efficiency in Business
Jiayin had remarkably shifted resources to its risk management and credit assessment. To illustrate, the cost of credit assessment and other fees had aroused the increase of 39.6% to RMB118.4 million in terms of Origination and Servicing Expense, according to the Company's report.
Furthermore, The Company kept improving its risk management capabilities in Q1, which led to 27.8% of growth in the Company's revenue from post-origination services, and 57.8% of decrease in Allowance for Uncollectible Receivables and Contract Assets.
Jiayin's effort in developing credit assessment and risk-control significantly enhanced its collection capability and business efficiency, the latter is much more crucial in the long run. More encouragingly, the Company's Research and Development expense increased 41.2% to RMB 53.7 million, as the Company continued to invest heavily in the business development and innovation.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading online individual finance marketplace in China committed to facilitating effective, transparent, secure and fast connections between investors and borrowers, whose needs are underserved by traditional financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers.
SOURCE Jiayin Group Inc.