LendingClubNYSE: LC

SAN FRANCISCO , June 17, 2024 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank ("LendingClub"), America's leading digital marketplace bank, today announced that it has surpassed $3 billion in loans sold through its Structured LendingClub Loan Certificates program, which launched in April 2023. "Our structured certificates program is gaining strong momentum among our loan investors because they recognize the value of consumer credit as an asset class, the quality of our underwriting, and our streamlined financing solutions," said Scott Sanborn, CEO of LendingClub.

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LendingClub exceeded profit expectations due to a decrease in its credit loss provision. The company anticipates expanding its loan portfolio in the current quarter.

The latest figures for LendingClub (LC) provide a glimpse into its performance for the quarter ending in March 2024, but it could be valuable to analyze certain key metrics against Wall Street forecasts and previous year's results.

In its latest report, LendingClub highlighted that deposits on its balance sheet increased as customers showed interest in high-yield savings options. The company also reported strong credit quality and suggested that embedded finance solutions could drive future growth. According to the most recent earnings documents, deposits grew from $7 billion to $7.5 billion.

LendingClub (LC) reported earnings of $0.11 per share for the quarter, surpassing the Zacks Consensus Estimate of $0.03 per share. This is lower than the earnings of $0.13 per share from the same quarter last year.

LendingClub Corp. Chief Executive Officer Scott Sanborn said consumer credit-card delinquencies have risen but “appear to be normalizing." He speaks on "Bloomberg Markets.

LendingClub faced severe headwinds as interest rates rose at the fastest pace in history. Despite that, the company adapted and maintained profitability through the turmoil.