Jiayin Group reports Q3 EPS RMB0.40 vs. RMB0.38 last year

Reports Q3 revenue RMB401.3M vs. RMB510.77M last year. Yan Dinggui, the Founder, Director and CEO commented: "I am excited to report another solid quarter of strong business performance. Most notably, we completed the business transition upon which we embarked at the start of the year. I am proud to announce that as of November 10, 2020, the outstanding loan balance of our legacy P2P lending business was reduced to zero! This marks a significant milestone. Jiayin has successfully transformed to a finance technology company fully funded only by institutions. Considering that at this time one year ago, our platform funding was over 90% from individuals, this rapid transition demonstrates our agility and outstanding execution capability. In addition to successfully completing our funding transition, we continued to deliver encouraging business results despite the challenging environment. The loans we facilitated performed very well, investor confidence remained strong, we improved operating efficiency, and we maintained attractive profitability. In the quarter, our net income reached RMB88.4 million, up 8.1% year over year and 115.1% sequentially. This remarkable improvement demonstrates both the effectiveness of our growth strategy and our strong execution. Jiayin always strives to operate conservatively but profitably. We believe that our strong underlying business and brand recognition will enable us to achieve robust growth for the coming years."