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Sep 30, 2024
LendingClub Q3 2024 Earnings Report
LendingClub demonstrated a strong quarter with increased revenue and loan originations, driven by credit outperformance and strategic capital deployment.
Key Takeaways
LendingClub reported a strong Q3 2024, marked by a 25% year-to-date growth in total assets, driven by the purchase of LendingClub loans. Loan originations grew, supported by the return of bank buyers, improved loan sales pricing, and the successful execution of new consumer loan initiatives. The acquisition of Tally's technology is set to accelerate the product roadmap, targeting the credit card refinance opportunity.
Total assets increased to $11.0 billion, up from $9.6 billion in the prior quarter, driven by growth in whole loans and securities.
Loan originations rose to $1.9 billion, compared to $1.8 billion in the prior quarter.
Total net revenue increased to $201.9 million, compared to $187.2 million in the prior quarter.
Net income was $14.5 million, with diluted EPS of $0.13.
Revenue by Segment
Forward Guidance
LendingClub anticipates loan originations between $1.8B to $1.9B and Pre-provision net revenue (PPNR) between $60M to $70M for Q4 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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