What happened
Shares of the Chinese fintech platform Jiayin Group (JFIN -3.36%) were nearly 17% higher as of 11:20 a.m. EDT after the company posted earnings results for the second quarter of this year.
So what
Jiayin Group posted earnings per share equivalent to $0.09, or net income of $19.6 million, on total revenue of $76.2 million. EPS and revenue in the second quarter both doubled from the second quarter of 2020.
Meanwhile, loan origination in the quarter grew more than 150% from the second quarter of 2020, while most delinquency rates on loans continued to decline and trend favorably.
"This milestone quarter fully reflects not only our successful business transition but also fruitful evidence of the years we dedicated to enhancing our risk management and improving asset quality," CEO Yan Dinggui said in a statement. "Our ability to grow our loan origination volume also illustrates the trust and confidence our funding partners have in our ability to generate high quality loan assets with optimized risk control system."
Image source: Getty Images.
Now what
Chinese stocks that list on American stock exchanges are always a bit riskier, given that they face more severe threats on the regulatory front. That said, Jiayin did just post a great quarter that included robust loan originations and improving credit quality, which are both very positive signs for the company.