November 6, 2018 / 12:44 PM / 9 days ago

CORRECTED-UPDATE 1-Online lender OnDeck beats profit estimates

(Corrects fiscal 2018 gross revenue outlook in last paragraph to “$392 million to $396 million” from “$392 million and $296 million”)

Nov 6 (Reuters) - Online lender OnDeck Capital Inc reported a better-than-expected quarterly profit on Tuesday, as it issued more loans and earned more from higher interest rates.

Interest income rose 24.2 percent to $99.5 million, boosted by the U.S. Federal Reserve’s move to hike rates eight times since December 2015.

Loan originations also rose 22 percent to an all-time high of $647.8 million, the New York-based lender said.

Excluding one-time items, the company earned 17 cents per share in the third quarter, beating the average analysts’ estimate of 11 cents, according to IBES data from Refinitiv.

Net income attributable to common shareholders was $9.8 million, or 12 cents per share, in the quarter ended Sept. 30, compared with a loss of $4.1 million, or 6 cents per share, a year earlier. (reut.rs/2OtChp2)

Net revenue rose 60 percent to $52.2 million.

The company also raised its fiscal 2018 profit outlook to between $20 million and $24 million, from $10 million and $16 million earlier. It now expects gross revenue of $392 million to $396 million, from $380 million to $386 million forecast earlier. (Reporting by Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber)

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