2023-01-25 21:06:00

LendingClub Reports Fourth Quarter and Full Year 2022 Results

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Benzinga
By Pr Newswire

Delivers Record Full Year Revenue and Earnings Growth Despite Challenging Environment

SAN FRANCISCO, Jan. 25, 2023 /PRNewswire/ -- LendingClub Corporation 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 December31, 2022.

"Our fourth quarter results clearly demonstrated the benefits of our evolution into a marketplace bank. We significantly grew recurring revenue to offset the expected reduction in marketplace volumes," said Scott Sanborn, LendingClub CEO. "Looking ahead, in anticipation of a more challenging environment, we have streamlined our operations and will maintain our underwriting discipline. We also intend to remain profitable, while investing in-period earnings into loan retention to support future earnings. These actions will allow us to capitalize on growth opportunities as economic pressures abate."

Full Year 2022 Results Reflect Ongoing Transformation and Positioning for Long-Term Sustained Success

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