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| Statement |
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| And we can also see that those improvements also makes our risk indicators getting better |
| We are confident and capable of continuously creating value for our investors and growing into a significant employer in the global fintech industry |
| We have seen our partners' profitability improving this quarter and have made a breakthrough in achieving the loan facilitation business access for the first local financial institution partner |
| Our loan origination volume grew by 62.4% to 24.2 billion, exceeding our previous guidance |
| Yan mentioned earlier, we carried through our robust growth momentum over the past year to achieve new milestones in the quarter |
| Net revenue grew by 64% while net income further expanded to approximately RMB324 million |
| We believe that our international business can not only contribute to the inclusive growth of local economies, but also create substantial value for our stakeholders with the goal of global expansion of inclusive financial coverage |
| In the third quarter, Jiayin's international business continued to show a robust growth trend |
| Through the refined operation, we are very confident to make our non-profit margin to maintain above a relatively sustainable and healthy level |
| 47 billion, up 54% as our other revenue grew to 529.8 million from 101.4 million in the same period last year, mainly driven by the growth in guarantee income from financial guarantee services |
| We recognize that Nigeria's superior population size and demographic structure along with the continually increasing mobile penetration rate provide tremendous opportunities for the fintech sector especially cash credit services |
| These features have effectively improved the efficiency and accuracy of customer service agents' work |
| Moreover, the proportion of non-regionally restricted funds to be facilitated continues to stay above 60%, which solidified our foundation for contributing to the development of inclusive finance across all regions in China where we expand our business scale |
| The progress and application of AI technology have not only enhanced our operational efficiency, but also enabled us to commit in providing more exceptional services to our clients |
| This upgrade allows our staff to perform multi-dimensional and fuzzy searches through semantics, presenting knowledge points in seconds, quickly improving search efficiency and introducing intelligent functions that provide more efficient and high quality support for customer services |
| While we have seen significant growth in financial indicators, we are pleased to note that the important risk indicator of the 30-day delinquency rate has further improved significantly |
| Maintaining rapid growth each quarter of this year with that part of revenue in the third quarter of 2023 approaching RMB 400 million |
| In the medium to long-term, our goal is to achieve sustained net cash flows in this area, thereby realizing the long-term healthy and stable development of our business here |
| Although the pace of this recovery has not reached the expected speed, it still demonstrates that underlying strength and the resilience of China's economy |
| And for the first time, we achieved an important strategic goal in this region, turning a net profit positive |
| And with that, we also can see that the risk indicators are getting better because of it |
| Yan just mentioned that our second dividend distribution plan is almost decided and we are very confident to give out more to our investors in the future |
| Over the past two years, our fintech business in China has continued to grow steadily in scale with an expanding reach across financial institutions |
| Consequently, our net income for the third quarter increased by 30.6% to 323.9 million from 248.1 million in the same period last year |
| And second reason would be the efficiency improvements both by the application of AI technology and also our refined smart operations |
| Further expand support for various types of quality inspections and improve business efficiency through data mining |
| The cooperation model that supports financial institutions in carrying out their self-operating business is making continued progress |
| This upgrade comprehensively improved the coverage and accuracy rate of quality inspections using AI technology |
| As a percentage of net revenue, S&M expenses decreased to 27.8% from 36.2% in the same period last year, demonstrating our improving efficiency in attracting and retaining high-quality borrowers |
| I would like to say that we are closely monitoring the development of the domestic credit market and looking forward to a stable, orderly and healthy growth for our company's future development |
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| Despite the complexity and the constant changes in the global economic environment and ongoing adjustments in monetary policies of major economics, we have observed that China's economy is undergoing a slow recovery process |
| Therefore, whether in the third quarter of this year, the upcoming fourth quarter, or the beginning of next year, we anticipate continuing our cautious business strategy under the premise of maintain stable development and profitability |
| Such a market environment represents both opportunities and challenges for all participants |
| However, in the third quarter of 2023, both the Global and Chinese economies face significant challenges |
| If you compare with other kind of expenses and their growth percentage is much lower than that of revenue growth |
| However, as a percentage of net revenue, it decreased to about 0.6% from 0.7% in the same period last year |
| Additionally, the margin of the guarantee business is relatively lower if you compare with the borrower acquisition and risk control services, which will reduce the overall operating profit margin of the listed group |
| Since the beginning of this year, we have observed that the risk fluctuations in the market have had a certain impact on the asset quality of licensed financial institutions |
| As such, the Company's actual results may be materially different from the expectations expressed today |
| The ample supply of funds and balancing the demands of performance development and risk indicator management are among the strategic issues our management is focusing on |
| In the domestic financial sector, we have noticed fluctuations in credit market risks during this period, with asset qualities and risk management emerging as key topics in our industry recently |
| Therefore, during our group phase, we have never relaxed our high standards and strict demands for risk control |
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