On June 6, Gelonghui announced Jia Yin Jinko's financial report for the first quarter of 2024. Net revenue for the first quarter of 2024 was RMB 1.4753 billion, a year-on-year increase of 31.5%. Net income for the first quarter was RMB 273.1 million, a year-on-year decrease of 2.4%. Basic and diluted earnings per share were both RMB 1.29, compared to RMB 1.31 in the same period last year. Basic and diluted earnings per American Depository Share were both RMB 5.16, compared to RMB 5.24 in the same period last year.
As of March 31, 2024, cash and cash equivalents were RMB 568.2 million, compared to RMB 370.2 million as of December 31, 2023.
On the revenue side, the revenue of the loan convenience service was RMB 831 million, a decrease of 4.1% from the same period in 2023. This decrease was mainly due to the decrease in loan convenience service fees, which was partially offset by the increase in transaction volume facilitated by the company. The income generated from releasing guarantee responsibility was RMB 524.5 million, compared with RMB 128.8 million in the same period last year. The year-on-year growth was mainly due to the increase in the average outstanding loan balance for which the company provides guarantee services. Other income was RMB 119.8 million, compared with RMB 126.9 million in the same period last year.
On the operational side, the transaction volume of the loan convenience service was RMB 22.5 billion, a year-on-year increase of 13.6%. The average loan amount per loan was RMB 10,570, a year-on-year increase of 6.6%. The repeat borrowing rate was 73.0%, an increase from 67.8% in the same period last year.
In terms of dividend policy, on June 4, 2024, the board of directors approved the payment of a cash dividend of USD 0.50 per American Depository Share (ADS) for the first batch of dividends of the 2024 fiscal year.
Founder, director and CEO Yan Dinggui commented: "Looking back on the first quarter of 2024, I am pleased to report that our company has achieved significant results. We achieved a transaction volume of RMB 22.5 billion for loan convenience service, a year-on-year increase of 13.6%, exceeding our target, and at the same time, our net income increased by 31.5%. In the context of macroeconomic fluctuations and changes in credit demand, we have utilized our own advantages to achieve stable growth. This quarter, we prioritized risk control and quality improvement, and achieved remarkable results. The application of artificial intelligence has expanded from labor-intensive scenarios to knowledge-intensive scenarios, becoming a key source of our competitiveness."
Looking ahead to the second quarter, the company expects the total loan facilitation amount for the whole year of 2024 to be between RMB 93 billion and RMB 98 billion, and the loan facilitation amount for the second quarter of 2024 to be about RMB 23 billion.