August 7, 2018 / 8:42 PM / 7 months ago

UPDATE 1-LendingClub tops profit estimates as loans, rates increase

(Adds transaction fees, loan originations, share price)

Aug 7 (Reuters) - U.S. online lender LendingClub Corp on Tuesday topped Wall Street estimates for quarterly profit as it lent more at higher rates.

LendingClub said transaction fees rose 27 percent to $136 million in the second quarter ended June 30, while it originated $2.82 billion in loans, up 31 percent from a year earlier.

Total revenue rose to $177 million from $140 million but a 44 percent jump in operating expenses contributed to a bigger loss for the San Francisco-based online lender.

Net loss widened to $60.9 million from $25.5 million a year earlier. Excluding one-time items, LendingClub earned 3 cents per share. Analysts on average had expected 2 cents per share, according to Thomson Reuters I/B/E/S.

LendingClub maintained its forecast for 2018 revenue of between $680 million and $705 million.

Earlier on Tuesday, LendingClub rival OnDeck Capital Inc reported a better-than-expected profit, helped by higher loan originations.

LendingClub's stock rose 2.4 percent to $4.19 in after-hours trading. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)

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