LendingClub Q3 net income $5M, EPS $0.05; revenue down 14% QoQ

LendingClub Corp

2023-Q3 EPS reported $0.27

Net income $5.0M ($0.05 diluted EPS) vs $10.1M ($0.09) prior quarter and $43.2M ($0.41) year ago.
Total net revenue $200.8M, down from $232.5M QoQ and $304.9M YoY, driven by lower marketplace revenue.
Loan originations fell to $1.5B from $2.0B QoQ due to reduced bank investor purchases.
Deposits $7.0B; Tier 1 leverage ratio 13.2%; tangible book value $10.21 per share.
CEO cites 'difficult but necessary actions' on expenses; structured certificate issuance doubled.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LendingClub Corp reported third quarter ended September 30, 2023 results: revenue $200.8 million, net income $5.0 million, EPS $0.05.

Period: third quarter ended September 30, 2023
Revenue: $200.8 million
Net income: $5.0 million
EPS: $0.05
Result: reported results

Exact text from the filing

Performance: • Loan originations of $1.5 billion compared to $2.0 billion in the prior quarter as a result of reduced purchases by bank loan investors. • Total net revenue of $200.8 million compared to $232.5 million in the prior quarter due to: ◦ Marketplace revenue of $60.9 million compared to $82.8 million in the prior quarter, primarily reflecting lower pricing

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Source: SEC EDGAR

accession 0001409970-23-000054

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