On the evening of June 6th, Beijing time, technology company Jiayin Technology released its unaudited financial report for the first quarter of 2024. According to the financial report, Jiayin Technology's facilitated transaction amount in the first quarter of 2024 was about 22.5 billion yuan, a year-on-year increase of 13.6%; Realized a revenue of approximately 1.475 billion yuan, a year-on-year increase of 31.5%; The proportion of repeated loans has been increased to 73.0%; The average loan amount reached RMB 10570. Through refined customer operations, Jiayin Technology's marketing expenses in the first quarter of 2024 decreased by 5.5% year-on-year. At the same time, in order to accelerate the cultivation of new productive forces in the fields of big data and artificial intelligence, the company's technology research and development investment increased by 28.5% year-on-year.
At the same time as the release of the first quarter financial report, Jiayin Technology also disclosed its first dividend plan for 2024, with a dividend amount of $0.50/ADS. The specific execution time and other details will be announced later.
According to the financial report, as of the end of the first quarter of 2024, Jiayin Technology has reached cooperation with 70 financial institutions, and another 32 institutions are in talks. As of March 31, 2024, the overdue rate for 61 to 90 days remained at the level of 0.68%, unchanged from the previous value.
In the first quarter, Jiayin Technology's own platform identified and blocked more than 650000 fraudulent borrowers, including 65000 malicious attacks on black industries, effectively avoiding various losses of 984 million yuan. At the same time, Jiayin Technology's self-developed "Qimingxing" system also assists external operating platforms in accurately identifying over a hundred illegal financial black industry complaints, and manually investigating and disposing of 12400 potential high-risk customer applications.
To further empower decision-making science and intelligent operations, Jiayin Technology launched its self-developed "Shilan" audio data mining algorithm and "Mingjing" text data mining algorithm in early 2024, fully unleashing the value of unstructured data mining, marking a new level of the company's research capabilities and big data capabilities.
At the beginning of 2024, Jiayin Technology adopted a cautious strategy in expanding into emerging markets, focusing on controlling business risks while seizing new opportunities in fintech. In the Indonesian market, the number of new registered users for local businesses increased by 37% month on month. Throughout the first quarter, negotiations have been held with 5 local licensed financial institutions in order to further expand the scale and volume of loan assistance business in the Indonesian region in the future. Meanwhile, under the new regulatory requirements in the local area, local businesses are actively optimizing their product structure.
In the Nigerian region, the overall business performance has been stable and improving, with a steady increase in loan volume, loan scale, and new customer base. At the same time, the impact of local exchange rate fluctuations has gradually stabilized by the end of the first quarter of 2024, providing favorable conditions for Jiayin Technology to further expand its market in the local area.
Yan Dinggui, Chairman of Jiayin Technology, stated that in 2024, Jiayin Technology will adhere to technology as the leading force and achieve development with new momentum. After considering the level of market risk and the demand for business growth, Jiayin Technology has decided to set the guidance for facilitating loan amounts in the second quarter of 2024 at RMB 23 billion.