LendingClub Expects Modest Growth of its Commercial Lending Business
Fintech bank LendingClub expects its commercial loan business to grow modestly, according to Sameer Gokhale, Head of Investor Relations. Gokhale made the comment briefly during the company’s Q1 earnings call. “These commercial loans are largely secured by collateral or cash flow and should continue to be a good source of revenue and credit quality diversification,” he added.
LendingClub had $615M worth of commercial loans and equipment leases on its balance sheet as of March 31st. That excluded the $185M worth of PPP loans it still held.
The company’s overall lending business is still consumer-focused. Auto lending is expected to increase, but not to such an extent that it catches up to Lending Club’s personal loan business.
Overall, the company reported a net income of $40.8M on $289.5M in revenue for the quarter.Last modified: May 1, 2022