LendingClub(US:LC)2022-04-27 23:48Financial Performance - LendingClub's net revenue for Q1 2022 was $289.5 million, a 174% year-over-year increase and a 10% increase compared to the previous quarter[9, 10] - GAAP net income reached a record $40.8 million, up 40% quarter-over-quarter and $87.9 million year-over-year[9] - The average loan portfolio grew 65% year-over-year to $3.1 billion[15] - Net interest margin expanded to 8.61% due to the growing consumer loan portfolio mix[39] Loan Originations and Revenue Streams - Total loan originations in Q1 2022 amounted to $3.2 billion[16] - Net interest income increased, driven by average loan growth of 65% and a net interest margin of 8.6%[26] - Non-interest income, primarily from marketplace revenue, reflected year-over-year marketplace origination growth of $1.2 billion[26] Balance Sheet and Efficiency - Deposits totaled $4 billion, supporting the integrated originations and deposit model[16] - The average cost of funds was 0.42%[16] - The company's efficiency ratio improved, with non-interest expense as a percentage of net revenue decreasing[42] Outlook - LendingClub raised its full-year 2022 net revenue guidance to $1.15 billion to $1.25 billion, representing a 40% to 53% year-over-year increase[46] - The company also increased its full-year GAAP net income guidance to $145 million to $165 million, a 7.8X to 8.9X year-over-year increase[46] - The origination target was increased by $500 million to $13.5 billion for FY22[46]