8/26/2023 0 Comments Sofi yahoo financeNew member additions of over 433,000 brought total members to nearly 5.7 million by quarter-end, up nearly 1.8 million, or 46%, from the end of 2022's first quarter. SoFi achieved strong year-over-year growth in both members and products in the first quarter of 2023. SoFi recorded a GAAP net loss of $34.4 million for the first quarter of 2023, an improvement from the prior-year period's net loss of $110.4 million. Additionally, SoFi achieved positive variable profit in the Financial Services segment for the first time and is on track for contribution profit by year end. SoFi hit a number of key financial inflection points in the quarter, including adjusted EBITDA of $75.7 million exceeding share-based compensation expense of $64.2 million, which was down from $71.0 million in the fourth quarter of 2022, marking an important step toward of our goal of positive GAAP net income in the fourth quarter of 2023. First quarter record adjusted EBITDA of $75.7 million increased 8% sequentially. First quarter adjusted net revenue of $460.2 million was up 43% from the same prior-year period's $321.7 million. generated $73 million of GAAP net income at a 20% margin."įirst quarter total GAAP net revenue increased 43% to $472.2 million from the prior-year period's $330.3 million. Our deposit funding also increases our flexibility to capture additional net interest margin (NIM) and optimize returns, a critical advantage in light of notable macro uncertainty. With our launch of offering FDIC insurance of up to $2 million, 97% of our deposits were insured at quarter end.Īs a result of this growth in high quality deposits, we have benefited from a lower cost of funding for our loans. More than half of newly funded SoFi Money accounts are setting up direct deposit by day 30, and this has had a significant impact on debit spending. For new direct deposit accounts opened in the first quarter, the median FICO score was 749. ![]() ![]() Noto concluded: "Total deposits grew by a record $2.7 billion, up 37% during the quarter to $10 billion at quarter-end, and 90% of SoFi Money deposits (inclusive of Checking and Savings and cash management accounts) are from direct deposit members.
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