SoFi Technologies, Inc. reported a significant year-over-year improvement in financial performance for the quarter ended September 30, 2024. The company's reportable segments total contribution profit saw a substantial increase to $371.6 million from $239.4 million in the same period last year. Despite a net loss in the Corporate/Other segment, the overall income before taxes turned positive at $63.9 million, a stark contrast to the loss of $266.9 million in the previous year. The company's lending segment demonstrated robust growth with a 23% increase in origination volume, driven by strong demand for personal and home loans. The Technology Platform segment also showed positive trends with a 17% increase in total enabled client accounts. SoFi's Financial Services segment achieved a milestone with a significant...Show More

SoFi Technologies, Inc. reported a significant year-over-year improvement in financial performance for the quarter ended September 30, 2024. The company's reportable segments total contribution profit saw a substantial increase to $371.6 million from $239.4 million in the same period last year. Despite a net loss in the Corporate/Other segment, the overall income before taxes turned positive at $63.9 million, a stark contrast to the loss of $266.9 million in the previous year. The company's lending segment demonstrated robust growth with a 23% increase in origination volume, driven by strong demand for personal and home loans. The Technology Platform segment also showed positive trends with a 17% increase in total enabled client accounts. SoFi's Financial Services segment achieved a milestone with a significant rise in contribution profit, reflecting the success of the SoFi Money product and Loan Platform Business. The company's liquidity position remains strong, with a total liquidity reserve of over $10 billion, and regulatory capital ratios well above the required minimums. SoFi's strategic focus on expanding its deposit base, maintaining adequate warehouse capacity, and managing capital effectively has positioned it well for continued growth and stability.