US EditionFintech lender SoFi profit jumps on strong growth in fee‑based businesses
- On Friday, SoFi Technologies reported a rise in fourth-quarter profit for the quarter ended December 31, as Reuters detailed the results. The company cited strong loan demand and growth in fee-based businesses.
- Recent interest-rate cuts encouraged refinancing and debt consolidation, lifting loan demand as younger, app-focused customers helped SoFi expand fee-based businesses.
- Adjusted revenue climbed 37% to $1.013 billion, fee-based services reached $456.7 million, and loan originations hit a record $10.5 billion.
- Shares of the company rose about 5.7% in premarket trading after the report, with first-quarter guidance of adjusted net revenue at approximately $1.04 billion, but investors noted recent capital raises including $1.5 billion offering in December as a dilution risk.
- Positioned as a disruptive force in fintech, SoFi’s one-stop digital financial services strategy and national banking charter aim to boost recurring revenue and lower funding costs, while Wall Street consensus one-year price target reflects cautious optimism with an 11.3% premium.
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