LendingClub Shares Jump on 1Q Profit, Revenue Beat

Dow Jones04-28

Shares of LendingClub rose after the company reported a first-quarter profit and revenue ahead of Wall Street expectations.

Shares were up 14.4% to $19.65 in after-hours trading Monday, after closing down 1.7% at $17.18. Ahead of the close, the stock had fallen 10% year to date.

The digital bank on Monday reported a profit of $51.6 million, or 44 cents a share, compared with a profit of $11.7 million, or 10 cents a share, a year earlier.

Net revenue rose to $252.3 million from $217.7 million a year prior. The rise was driven by higher loan sales and loan sale pricing, as well as a net interest margin which rose to 6.28% from 5.97%.

Analysts surveyed by FactSet were expecting earnings of 36 cents a share on revenue of $249.1 million.

Loan originations rose 31% to $2.7 billion, while the provision for credit losses fell to around $400,000 from $58.1 million.

Deposits rose 14% to $10.2 billion.

For the current second quarter, the company is expecting earnings of between 40 cents and 45 cents a share, with loan originations between $3 billion and $3.1 billion.

Full-year earnings are projected between $1.65 and $1.80 a share, with loan originations between $11.6 billion and $12.6 billion.

Analysts are expecting earnings of 41 cents a share for the second quarter and $1.72 a share for the year.

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