Why is Jiayin Group (JFIN) stock soaring in morning trading today?

November 23, 2022 07:43 AM PST | By Rupam Roy

Why is Jiayin Group (JFIN) stock soaring in morning trading today? — Image source: © Alexandersikov | Megapixl.com

Third quarter earnings of Jiayin Group Inc. (JFIN):

Jiayin Group Inc. is a major financial technology platform in China through which it claims to offer transparent and secure connections between investors and borrowers. The company facilitates services for people whose requirements are underserved by the general financial solution providers.

Meanwhile, the company reported its earnings on November 23, before the opening bell, which showed its total loan origination volume surged 123.5 per cent YoY to RMB 14.9 billion or US$ 2.1 billion in Q3 FY22. The firm's average borrowing amount per borrowing totaled RMB 10,158 or US$ 1,428, up 58.1 per cent year-over-year (YoY).

The leading Chinese fintech firm's revenue totaled RMB 894.3 million or US$ 125.7 million, an increase of 55 per cent from the same period of the preceding year.

The company mentioned that its revenue from the loan facilitation services segment increased by 47.7 per cent YoY to RMB 792.9 million or US$ 111.5 million, mainly due to the jump in its loan origination volume from its institutional funding partners.

Jiayin Group's income from operations rose 100.7 per cent YoY to RMB 308.6 million or US$ 43.4 million, while its net income jumped 98.8 per cent YoY to RMB 248.1 million or US$ 34.9 million in Q3 FY22.

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Bottom line:

The price of the JFIN stock was US$ 2.375 at 9:34 am ET on November 23, up 9.95 per cent from its previous close, and its trading volume was about 40,137 at the same time. Meanwhile, the fintech firm's stock closed at US$ 2.16 in the prior session.

Meanwhile, the company said that as of September 30, 2022, it had repurchased around 0.9 million of its American depositary shares for about US$ 2.1 million under its share repurchase plan.

Notably, in June 2022, the company announced its share repurchase plan of an aggregate value of US$ 10 million during the 12-month period starting on June 13, 2022.

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