Shares of LendingClub (NYSE:LC) are inching higher after delivering Q3 2024 results.
According to the digital bank’s CEO the company had a “standout quarter”
CEO Scott Sanborn said that credit performance, a larger balance sheet and strong financial performance delivered good results.
“Looking ahead, our acquisition of Tally’s award-winning credit card debt monitoring and management technology will allow us to accelerate our product roadmap and further seize on the historically large $1.3 trillion credit card refinance opportunity,” said Sanborn.
Loan originations grew to $1.9 billion, compared to $1.8 billion in the prior quarter. The increase was said to be driven by the successful execution of new consumer loan initiatives, combined with marketplace investor demand.
“Pre-Provision Net Revenue” (PPNR) increased to $65.5 million, compared to $55.0 million in the prior quarter.
Net income was $14.5 million, compared to $14.9 million in the prior quarter, with diluted EPS of $0.13 in both periods.
Deposits increased to $9.5 billion from $8.1 billion in Q2,
Book value per common share was touted at $11.95, compared to $11.52 in the prior quarter.
Going forward, LendingClub anticipates Q4 performance of pre-provision net revenue (PPNR)
of $60 million to $70 million.
The bank’s earnings presentation is available here. The earnings call is today at 5 PM ET.