Online lending platform operator LendingClub reported a smaller loss on Monday, helped by higher net interest income and a drop in expenses.
Shares of the company (LC) were up 13.2% at $5.90 in after-hours trading.
San Francisco-based LendingClub has been trying to move on from the issues that emerged in May 2016, including the sale of loans to a large investor, that led to the ouster of then-chief executive and founder Renaud Laplanche.
The company, one of the largest peer-to-peer lenders, runs a website where consumers can apply for loans that are funded either by individual investors or by institutions such as banks.
LendingClub reported a net loss of $25.5 million, or 6 cents per share, for the second quarter ended June 30, compared with a loss of $81.4 million, or 21 cents per share, a year earlier.
Net revenue rose 35% to $139.6 million.
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“Based on the second quarter results and how we are tracking against our initiatives, we are raising our financial outlook for the year,” CFO Tom Casey said.
LendingClub now expects full-year total net revenue to be in the range of $585 million to $600 million.
The company’s operating expenses fell 12.5% to $165.1 million in the reported quarter.
Loan originations, a key metric indicating the volume of loans processed, rose about 10% to $2.15 billion.
On an adjusted basis, it lost 1 cent per share, in line with average analysts’ estimate, according to Thomson Reuters I/B/E/S.
Problems emerged for LendingClub last year when it acknowledged it altered documentation when selling $22 million in loans to investment bank Jefferies Group. The loans were later repurchased by LendingClub.
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Since CEO Scott Sanborn took over in June last year, LendingClub has made efforts to win back the trust of investors, bank lenders and other partners who had taken a step back from doing business with the company.
