LendingClub posts bigger loss; says CFO resigns

A woman looks at her phone as she passes by a Lending Club banner on the facade of the the New York Stock Exchange December 11, 2014.

Reuters/Brendan McDermid

Online lending platform operator LendingClub Corp reported a bigger quarterly loss, largely due to an impairment charge and higher operating costs, and the company said its chief financial officer had resigned.

Reporting its first quarterly results since the ouster of the company’s founder and CEO Renauld Laplanche in May, LendingClub said net loss widened to $81.4 million, or 21 cents per share, in the second quarter ended June 30, from $4.1 million, or 1 cent per share, a year earlier.

Laplanche, a high-profile name in the nascent online lending industry, resigned following an internal review over loan irregularities.

Loan originations, a key metric indicating the volume of loans processed by the company, rose 2.3 percent to $1.96 billion.

The company said CFO Carrie Dolan had resigned and named Bradley Coleman as interim CFO.

LendingClub said operating revenue rose 6.5 percent to $102.4 million.

(Reporting By Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)