November 6, 2017 / 12:33 PM / a year ago

UPDATE 1-Online lender OnDeck posts surprise third-quarter loss

(Adds Q3 details, I/B/E/S estimates)

Nov 6 (Reuters) - Online lender OnDeck Capital Inc on Monday posted a surprise third-quarter loss as negative impact from hurricanes Harvey and Irma offset higher interest income and lower expenses.

Excluding items, OnDeck incurred a loss of 1 cent per share in the quarter ended Sept. 30, compared with the average analyst estimate of a profit of 2 cents, according to Thomson Reuters I/B/E/S.

Total operating expenses fell 24.6 percent to $37.25 million, while interest income rose 12.3 percent to $80.12 million.

Like other online lenders, OnDeck has faced concerns from investors over the quality of its loans and its ability to grow at a fast pace. To address these issues the company began tightening credit requirements and cutting expenses.

The company's net loss attributable to shareholders narrowed to $4.07 million, or 6 cents per share, from $16.63 million, or 23 cents per share, a year earlier.

Originations fell 13.3 percent to $530.9 million.

Net revenue rose 1.3 percent to $32.75 million. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Maju Samuel)

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