Jiayin Group announced an extension of its share repurchase plan
Buybacks
June 8, 2023
Jiayin Group Inc. (NYSE: JFIN), a fintech platform in China, reported its unaudited financial results for the first quarter ended March 31, 2023. The company experienced significant growth in loan origination volume and net revenue, surpassing industry trends and internal expectations. Additionally, Jiayin Group announced an extension of its share repurchase plan.
Jiayin Group achieved impressive financial results in the first quarter of 2023. The company reported a loan origination volume of RMB19.8 billion (US$2.9 billion), representing a remarkable increase of 142.9% compared to the same period in 2022. The average borrowing amount per borrowing also saw growth, reaching RMB9,913 (US$1,443), reflecting a 13.5% increase. Despite a slight decline in the repeat borrowing rate, which stood at 67.8% compared to 70.1% in 2022, Jiayin Group demonstrated strong overall performance.
Net revenue soared to RMB1,122.2 million (US$163.4 million), marking an impressive increase of 119.5% from the same period last year. The company's income from operations also surged by 91.4%, reaching RMB349.3 million (US$50.9 million). Jiayin Group's net income rose to RMB279.7 million (US$40.7 million), showing a substantial growth of 93.4% compared to the previous year.
Jiayin Group recently announced an extension of its share repurchase plan, which was initially authorized on June 13, 2022. Under the plan, the company has the authority to repurchase its ordinary shares worth up to US$10 million during a 12-month period. As of March 31, 2023, Jiayin Group had already repurchased approximately 1.5 million of its American depositary shares for approximately US$3.5 million.
The board of directors approved the extension of the share repurchase plan for another 12 months, starting from June 13, 2023, and ending on June 12, 2024. Jiayin Group will continue to repurchase its ordinary shares, with the total repurchase value not exceeding the remaining balance under the share repurchase plan. This decision demonstrates the company's confidence in its future growth prospects and its commitment to enhancing shareholder value.
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