Page 1

嘉 银 金 科 JIAYIN FIN - TECH Jiayin Group Inc. Reports First Quarter 2021 Unaudited Financial Results June 7 , 2021 -- First Quarter Total Loan Origination Volume grew 44.1 % to RMB4 , 172 million-- -- First Quarter Net Income grew 137.2 % to RMB93.7 million-- SHANGHAI , China , June 07 , 2021 ( GLOBE NEWSWIRE ) -- Jiayin Group Inc. ( " Jiayin " or the " Company " ) ( NASDAQ : JFIN ) , a leading fintech platform in China , today announced its unaudited financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Operational and Financial Highlights : • Loan origination volume¹ was RMB4 , 172 million ( US $ 636.8 million ) , representing an increase of 44.1 % from the same period of 2020 . • Average borrowing amount per borrower was RMB6,198 ( US $ 946.0 ) , representing a decrease of 20.6 % from the same period of 2020 . • Repeat borrowing rate² was 74.2 % , compared with repeat borrowing rate of 85.4 % in the same period of 2020 . • Net revenue was RMB343.1 million ( US $ 52.4 million ) , representing an increase of 9.4 % from the same period of 2020 . • Operating income was RMB113.8 million ( US $ 17.4 million ) , compared with operating income of RMB51.1 million in the same period of 2020 . • Net income was RMB93.7 million ( US $ 14.3 million ) , compared with net income of RMB39.5 million in the same period of 2020 . Mr. Yan Dinggui , the Founder , Director and Chief Executive Officer , commented , " We are pleased with our strong growth and momentum in the first quarter . Loan origination volume grew 44.1 % year over year and reached RMB4.2 billion , with net income of RMB93.7 million , an increase of over 137 % from the same period of 2020. These results demonstrate the success and sustainability of our rapid business transformation and robust growth , as we continuously optimize business operations and improve efficiency . Looking into the future , we see vast opportunities for expansion enabled by technological innovation , financial digitalization , and growing overseas market needs across various fintech sectors in which we operate . We remain confident in our business strategy and execution capacity , and believe we are well positioned to benefit from the accelerating growth in the consumption economy and digitalization . " First Quarter 2021 Financial Results Net revenue was RMB343.1 million ( US $ 52.4 million ) , representing an increase of 9.4 % from the same period of 2020 . Revenue from loan facilitation services was RMB320.9 million ( US $ 49.0 million ) , representing an increase of 24.7 % from the same period of 2020 . The increase was primarily due to the increased loan origination volume from our institutional funding partners . Revenue from post - origination services was nil , representing a decrease of 100.0 % from the same period of 2020. The decrease was due to the outstanding loan balance of our legacy P2P lending business being reduced to zero in November 2020 . Other revenue was RMB22.2 million ( US $ 3.4 million ) , representing an increase of 8.3 % from the same period of 2020. The increase was primarily due to the development of the company's overseas business . Origination and servicing expense was RMB64.1 million ( US $ 9.8 million ) , representing an increase of 0.3 % from the same period of 2020 , primarily due to the increase in credit assessment expense resulting from higher loan origination volume partially offset by reduced collection costs as the Company no longer provides such services under its new business model . Allowance for uncollectible receivables , contract assets , loans receivable and others was RMB8.0 million ( US $ 1.2 million ) , representing a decrease of 73.7 % from the same period of 2020 , primarily due to the relatively lower credit risk of the new business model . Sales and marketing expense was RMB91.2 million ( US $ 13.9 million ) , representing a decrease of 2.4 % from the same period of 2020 , primarily due to the decrease in share - based compensation expense partially offset by higher borrower acquisition expenses . General and administrative expense was RMB37.8 million ( US $ 5.8 million ) , representing a decrease of 1.3 % from the same period of 2020 , primarily due to lower rental cost partially offset by the increase in other business - related expenses . Research and development expense was RMB28.1 million ( US $ 4.3 million ) , representing a decrease of 22.8 % from the same period of 2020 , primarily due to a more streamlined team in technology related departments .