LendingClub shares were up 11% at $9.71 after the company reported fourth-quarter earnings that beat analysts’ estimates.
The parent company of LendingClub Bank, a digital marketplace bank, reported quarterly earnings of $10.2 million, or 9 cents a share, compared with earnings of $23.6 million, or 22 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $1.5 million, or 1 cent a share.
Revenue for the quarter was $185.6 million, compared with last year’s $262.7 million and the $182.1 million analysts were expecting.
LendingClub said it had total assets during the quarter of $8.8 billion, compared with $8.5 billion in the third quarter, primarily reflecting growth in securities related to the structured certificate program.
For the first quarter, the company is looking for loan originations of $1.5 billion to $1.7 billion, and pre-provision net revenue of $30 million to $40 million.