Intuit Originates $452M in Business Loans in FY Q3 2024, Has Excellent Portfolio Performance

Intuit generated $452M in business loans in its recent fiscal quarter ending April 30th. That was down slightly from the $469M in the quarter before it. Apparently the performance of its business loan portfolio has been excellent. Not only did the company say that “past due amounts were not material” but it also said that the allowance for losses on these loans was also immaterial. Similar to the prior quarter, this segment of Intuit’s business did not even come up once during the earnings call.

Intuit’s business loan originations are roughly on pace with Shopify Capital’s, at somewhere in the neighborhood of $2B a year. Both companies benefit from a sticky core product that their customers use. In the case of Intuit it’s the Quickbooks bookkeeping software.

Intuit’s CEO, Sasan Goodarzi, opened the quarterly earnings announcement by saying that AI is changing the world. “The era of AI is one of the most significant technology shifts in our lifetime and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company,” Goodarzi said. “I’m proud of our innovation and performance, and because of our momentum, we are raising Intuit’s revenue, operating income, and earnings per share guidance for the fiscal year.”