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Jun 30, 2023
LendingClub Q2 2023 Earnings Report
LendingClub demonstrated continued profitability, maintained strong capital and liquidity levels, and successfully launched a structured certificates program.
Key Takeaways
LendingClub reported a net income of $10.1 million and EPS of $0.09 for the second quarter of 2023. The company's total net revenue was $232.5 million, driven by lower marketplace revenue. They are managing the business prudently by continuing disciplined credit underwriting, and developing new structures to meet the evolving needs of loan investors, while maintaining strong liquidity and capital.
Total assets reached $8.3 billion, reflecting a decrease due to the planned maturity of brokered deposits.
Deposits totaled $6.8 billion, primarily due to the planned maturity of brokered deposits; FDIC-insured deposits represent approximately 85% of total deposits.
Loans and leases held for investment amounted to $5.6 billion, with $200 million moved into a held for sale designation.
The company maintained a strong capital position, with a consolidated Tier 1 leverage ratio of 12.4% and a consolidated Common Equity Tier 1 capital ratio of 16.1%.
LendingClub
LendingClub
Forward Guidance
LendingClub provided financial outlook for the third quarter of 2023.
Positive Outlook
- Loan Originations: $1.4B to $1.7B
- Pre-Provision Net Revenue (PPNR): $40M to $50M