Shares of Jiayin Group Inc. (JFIN) stock popped high in pre-market following the release of second-quarter 2021 financial results. JFIN stock price saw a surge of 15.4% to reach $4.53 a share as of this writing. The trading volume as of now was 5,678,338, much higher than the average trading volume.
Second Quarter 2021 Financial Results:
- Jiayin stock generated RMB492.2 million net revenue in the second quarter of 2021. Net revenue significantly increased by 100.9% as compared to the same tenure of the previous year. Revenue from loan facilitation services was RMB453.7 million while nil from post-origination services. JFIN reported RMB38.5 million from other revenues.
- JFIN stock spent RMB174.2 million in sales and marketing expenses in the reported quarter. These expenses increased by 169.7% as compared to the prior year same quarter.
- General and administrative expenses for the JFIN stock declined by 3.8% to drop at RMB35.2 million from the prior year same quarter. Research and development expenses decreased by 6.5% compared to Q2,2020 to drop at RMB31.9 million.
- JFIN stock reported RMB126.8 million in net income as compared to RMB41.1 million net income in Q2,2020. Income from operations reached RMB149.6 million as compared to RMB48.0 million in Q2,2020.
Operational highlights of JFIN stock:
- Jiayin stock reported that its loan origination volume was RMB5,663 million for the three months ended June 30, 2021. This represents a 153.0% increase from the prior year same quarter.
- The average borrowing amount of RMB5,993 per borrower decreased by 14.2% from the same tenure of the previous year.
- The repeat borrowing rate in the three months ended June 30, 2021, was 72.4%. While previous year same quarter’s repeat borrowing rate was 72.0%.
Overall Progress of JFIN stock:
The financial results reflect the positive progress of JFIN stock over the year. The stock has improved its operational efficiency and enjoyed considerable profitability. Net income almost tripled in the reported quarter compared to the previous year. The stock is anticipating broadening its partnerships in order to diversify its funding resources.
Investors are responding positively to the JFIN second quarter 2021 financial results. The management is striving hard to diversify its business and improving its asset quality. In a nutshell, this stock can be a good bet for investors in the long run.