Chinese fintech Jiayin slides after second-quarter profit falls

Jiayin

27/08/2024 19:31

** Shares of Chinese fintech Jiayin Group  JFIN.O  fall as
much as 10.9%; last down 10% at $5.66
    ** JFIN posts Q2 net income of 238.3 mln yuan ($33.5 mln), a
27% drop compared to last year
    ** Q2 facilitation and servicing expenses soared 70.9% to
608.2 mln yuan, driven mainly by higher guarantee costs
    ** Q2 net revenue jumped 15.5% to 1.48 bln yuan, helped by
growth in loan balances for which the company provided guarantee
services
    ** As of last close, JFIN shares up 20.1% YTD

($1 = 7.1244 Chinese yuan renminbi)

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))