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Jun 30, 2024
LendingClub Q2 2024 Earnings Report
LendingClub's Q2 2024 financial performance reflected growth in originations, revenue, and profitability, driven by product innovations and strong borrower and marketplace investor demand.
Key Takeaways
LendingClub Corporation reported an increase in net income to $14.9 million, with diluted EPS of $0.13, compared to the previous quarter's $12.3 million, with diluted EPS of $0.11. This growth was primarily fueled by higher net interest income resulting from balance sheet expansion. Total net revenue reached $187.2 million, up from $180.7 million in the prior quarter, driven by marketplace revenue and net interest income.
Total assets increased to $9.6 billion, driven by growth in securities and the extended seasoning portfolio.
Loan originations grew to $1.8 billion, supported by new consumer loan initiatives and marketplace investor demand.
Net interest income rose to $128.5 million, reflecting growth in interest-earning assets and a stable net interest margin of 5.75%.
Deposits increased to $8.1 billion, primarily due to high-yield savings and certificates of deposit.
Revenue by Segment
Forward Guidance
LendingClub anticipates loan originations between $1.8B to $1.9B and pre-provision net revenue (PPNR) between $40M to $50M for the third quarter of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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