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嘉 银 金 科 JIAYIN FIN - TECH Jiayin Group Inc. Reports Third Quarter 2021 Unaudited Financial Results November 24 , 2021 -- Third Quarter Total Loan Origination Volume grew 100.2 % to RMB6,668 million -- Third Quarter Net Income grew 41.2 % to RMB124.8 million -- SHANGHAI , China , Nov. 24 , 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 third quarter ended September 30 , 2021 . Third Quarter 2021 Operational and Financial Highlights : • Loan origination volume 1 was RMB6,668 million ( US $ 1,034.9 million ) , representing an increase of 100.2 % from the same period of 2020 . • Average borrowing amount per borrower was RMB6,444 ( US $ 1,000.0 ) , representing a decrease of 1.7 % from the same period of 2020 . • Repeat borrowing rate² was 69.1 % , compared with repeat borrowing rate of 74.5 % in the same period of 2020 . • Net revenue was RMB577.1 million ( US $ 89.6 million ) , representing an increase of 43.8 % from the same period of 2020 . • Operating income was RMB153.8 million ( US $ 23.9 million ) , compared with operating income of RMB150.0 million in the same period of 2020 . • Net income was RMB124.8 million ( US $ 19.4 million ) , compared with net income of RMB88.4 million in the same period of 2020 . Mr. Yan Dinggui , the Company's Founder , Director and Chief Executive Officer , commented , " We delivered another outstanding quarter with impressive financial results , reflecting our successful execution of our growth strategies . As we continued to diversify our funding resources and broaden our collaborations with institutional partners , our loan origination volume has doubled from last year to surpass USD 1 billion with a 43.8 % increase in our net revenue . We believe we are on the right track for our next stage of growth , leveraged by our continuous efforts in expanding our funding resources while maintaining risk management excellence . We are confident we will have continued topline growth and will capture the massive opportunities in the growing consumer market . " Third Quarter 2021 Financial Results Net revenue was RMB577.1 million ( US $ 89.6 million ) , representing an increase of 43.8 % from the same period of 2020 . Revenue from loan facilitation services was RMB536.8 million ( US $ 83.3 million ) , representing an increase of 84.7 % from the same period of 2020 , of which RMB48.6 million ( US $ 7.5 million ) was from individual investor referral services . 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 % 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 RMB40.3 million ( US $ 6.3 million ) , representing a decrease of 47.7 % from the same period of 2020. The decrease was primarily due to reduced revenue from P2P related services as the Company no longer supports the legacy P2P lending business , of which has been partially offset by the sales of hardware by Shanghai Bweenet Network Technology Co. , Ltd. ( “ Shanghai Bweenet ” ) . Origination and servicing expense was RMB88.3 million ( US $ 13.7 million ) , representing an increase of 48.4 % from the same period of 2020 , primarily due to the increase in credit assessment expense resulting from higher loan origination volume . Cost of sales was RMB9.4 million ( US $ 1.5 million ) , compared with nil from the same period of 2020. The increase was primarily due to the cost of hardware sold by Shanghai Bweenet . Allowance for uncollectible receivables , contract assets , loans receivable and others was RMB6.2 million ( US $ 1.0 million ) , representing a decrease of 60.8 % from the same period of 2020 , primarily due the decrease in estimated default rate under current business model . Sales and marketing expense was RMB236.9 million ( US $ 36.8 million ) , representing an increase of 138.1 % from the same period of 2020 , primarily due to our new online advertising and marketing strategy which has resulted in higher customer acquisition expenses . General and administrative expense was RMB45.3 million ( US $ 7.0 million ) , representing an increase of 21.4 % from the same period of 2020 , primarily due to the increased expenditures in employees benefits and professional service fees .