LendingClub Q2 record revenue $330M; adjusted net income $46.8M up 399% YoY

LendingClub Corp

2023-Q2 EPS reported $2.13

Total revenue $330.1M (+61% YoY); net interest income $116.2M (+153% YoY).
Reported net income $182.1M includes $132M income tax benefit from valuation allowance release.
Adjusted net income (excl. tax benefit) $46.8M, up 399% YoY; adjusted diluted EPS $0.45.
Deposits $4.5B (+78% YoY); total loans held for investment (ex-PPP) grew 106% YoY.
Efficiency ratio improved to 63% from 78% a year ago; credit quality remains strong.

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