LendingClub releases fourth quarter and full year 2021 results

LendingClub releases fourth quarter and full year 2021 results

Achieved GAAP profitability during 2021, with net income of $18.6 million for the year ended December 31, 2021, compared to a net loss of $187.5 million in 2020. Revenue of $818.6 million, up 157% compared to 2020, with marketplace revenue 136% higher and the new recurring stream of net interest income 259% higher year-over-year. Results driven by initiatives undertaken in 2021 and in prior years to improve efficiency, as well as the transformational business model changes with the bank acquisition, both of which position LendingClub well to generate continued strong revenue and earnings growth.

“We have closed out a transformative year at LC by delivering the growth, innovation, and efficiency of a fintech along with the funding advantages, revenue diversity, and regulatory clarity of a bank,” said Scott Sanborn, LendingClub’s CEO. “We expect our transformed business model and data and membership advantages to help drive more than $100 million in incremental earnings in 2022 as we continue to evolve our member-focused business into a multi-product, digital marketplace bank.” LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S.

Record Full Year 2021 Results Driven by Return to Growth, Transformed News Economics and Increased Operational Efficiency SAN FRANCISCO, Jan. 26, 2022 /PRNewswire/ — LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the fourth quarter and full year ended December 31, 2021.

Revenue of $262.2 million, with sequential growth of 7% outpacing growth in originations. Net income of $29.1 million, up 7% sequentially, and diluted earnings per share of $0.27 as strong revenue growth exceeded the impact of investments in loan retention, marketing and technology. Story continues

Record Fourth Quarter 2021 Results Exceed Expectations Key achievements for the year include acquiring and integrating the bank, consolidating the personal, auto refinance and purchase finance loans onto one origination platform, and accelerating membership acquisition.

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