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Mar 31, 2022
LendingClub Q1 2022 Earnings Report
Delivered record revenue and net income, with revenue more than doubling and net income increasing over $85 million year-over-year, and raised 2022 outlook.
Key Takeaways
LendingClub Corporation reported record first quarter 2022 results, with revenue of $289.5 million, up 174% year-over-year, and net income of $40.8 million, an increase of over $85 million year-over-year.
Revenue of $289.5 million grew 174% year-over-year, outpacing originations growth of 117%.
Recurring stream of net interest income grew 20% sequentially to $99.7 million and increased 439% year-over-year.
Deposits of $4.0 billion were up 27% from December 31, 2021 and 68% from March 31, 2021, supporting growth in loans held for investment.
Net income of $40.8 million rose 40% sequentially and by $87.9 million year-over-year.
LendingClub
LendingClub
Forward Guidance
LendingClub provides financial outlook for the second quarter and full year 2022.
Positive Outlook
- Total revenue for Q2 2022 is expected to be $295M to $305M
- Consolidated net income for Q2 2022 is expected to be $40M to $45M
- Total revenue for full year 2022 is expected to be $1.15B to $1.25B
- Total revenue for full year 2022 is expected to increase by $50M versus prior full year 2022 guidance
- Consolidated net income for full year 2022 is expected to be $145M to $165M