August 7, 2018 / 11:08 AM / 3 months ago

Online lender OnDeck posts quarterly profit

Aug 7 (Reuters) - OnDeck Capital Inc on Tuesday reported a quarterly profit from a year-ago loss, as the online lender earned more from higher interest rates and rise in loan originations.

New York-based OnDeck posted net income attributable to common shareholders of $5.8 million, or 7 cents per share, in the quarter ended June 30, compared with a loss of $1.5 million, or 2 cents per share, a year earlier.

Net revenue rose 18.5 percent to $50.1 million. (Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber)

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