Loading...
•
Mar 31, 2023
LendingClub Q1 2023 Earnings Report
LendingClub's first quarter 2023 results were reported, with net income driven by a sequential increase in pre-provision net revenue and deposits.
Key Takeaways
LendingClub Corporation reported a solid first quarter, driven by strategic advantages including cycle-tested data and its digital marketplace bank model. Net income was $13.7 million, supported by a 7% sequential increase in pre-provision net revenue. Deposits were up 13% sequentially, reaching $7.2 billion, with cash increasing to $1.6 billion.
Total assets grew 10% sequentially to $8.8 billion.
Deposits increased by 13% sequentially to $7.2 billion.
Net interest income increased 8% from the prior quarter to $146.7 million.
Efficiency ratio improved to 64.0% from 68.5% in the prior quarter.
LendingClub
LendingClub
Forward Guidance
LendingClub provided financial outlook for the second quarter of 2023.
Positive Outlook
- Loan Originations are expected to be between $1.9B to $2.1B
- Pre-Provision Net Revenue (PPNR) is expected to be between $60M to $70M