The following is a summary of the Jiayin Group Inc. (JFIN) Q3 2024 Earnings Call Transcript:
Financial Performance:
In Q3 2024, Jiayin Group reported a loan facilitation volume of approximately RMB26.7 billion, marking a new record and indicating a 10.3% increase year-over-year.
Revenue from loan facilitation services reached RMB1.1 billion, up 18.1% year-over-year.
Net income for the quarter was RMB269.6 million, down 16.8% from the same period last year, due to increased borrower acquisition and credit costs.
Business Progress:
Jiayin Group has enhanced its technology with upgrades like the Wenquxing knowledge base and the launch of the MingYi automated machine learning platform.
The company has also expanded institutional partnerships, now collaborating with 70 diverse financial institutions.
Continuing its focus on borrower acquisition, Jiayin obtained 826,000 new borrowers in Q3, showing a year-over-year growth of approximately 71.3%.
Expansion in overseas markets, particularly in Indonesia and adjustments in Nigerian operations, reflect strategic international growth.
Opportunities:
The company sees ongoing opportunities in technological innovation driving growth, particularly in intelligent operations and customer service improvements.
Growth in overseas markets like Indonesia indicates potential for further international expansion.
Risks:
The gradual growth of AI services as they scale and reach general availability may affect the pace of revenue and profit growth.
Intense competition in international markets, especially Indonesia, poses challenges to market share and profitability.
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