(Lending Club) Lending Club grew its revenue by 93% from $105 million in the first quarter to $204 million in the second quarter of 2021.
The financial institution’s marketplace revenue jumped 86%, a reflection of 105% growth in origination fees and 132% profit on loan revenue.
The net interest income was up 148% to $45.9 million with a growth of non-PPP loans by 27% and consumer loan portfolio growth of 145% to $795 million.
The bank reported a diluted EPS of $0.1, up from a net loss of $0.49 in the previous quarter.
Lending Club bank deposits grew to $2.5 billion.
CEO Scott Sanborn has attributed the high profitability growth to its competitive advantage in the digital banking space. Lending Club bank has over 3.5 million users
LC: NYSE was up +47.0%.
