LendingClub Q1 net income $13.7M, revenue $245.7M; deposits rise 13% sequentially

LendingClub Corp

2023-Q1 EPS reported $0.13

Net income of $13.7M ($0.13 diluted EPS), down 42% vs Q4 2022 net income of $23.6M.
Total net revenue $245.7M, down 6% sequentially from $262.7M; net interest income up 8% to $146.7M.
Deposits increased 13% to $7.2B; cash rose 55% to $1.6B; consolidated Tier 1 leverage ratio 12.8%.
Loan originations of $2.3B vs $2.5B prior quarter; provision for credit losses $70.6M on portfolio growth.
Pre-provision net revenue $88.4M, up 7% sequentially; efficiency ratio improved to 64.0% from 68.5%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LendingClub Corp reported the first quarter ended March 31, 2023 results: revenue $245.7 million, net income $13.7 million, EPS $0.13.

Period: the first quarter ended March 31, 2023
Revenue: $245.7 million
Net income: $13.7 million
EPS: $0.13
Result: reported results

Exact text from the filing

up 1.7% from $10.06 at December 31, 2022. Financial Performance: • Loan originations were $2.3 billion compared to $2.5 billion in the prior quarter. • Total net revenue was $245.7 million compared to $262.7 million in the prior quarter, as growth in net interest income was offset by lower marketplace revenue. ◦ Net interest income increased 8% from the prior

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Source: SEC EDGAR

accession 0001409970-23-000029

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