SoFi Technologies penned net revenues of $615 million in the fourth quarter, a new record for the neobank and the 11th sequential quarter of top-line growth.
Net income flipped from $40 million in losses for the fourth quarter in 2022 to nearly $48 million in profit in 2023, although the group remained lossmaking over the 12 months to the tune of -$300.7 million.
Key to SoFi Technologies’ strong quarter was a record net interest margin of 6.02%, up from 5.99% in the fourth quarter of 2022.
Chief executive Anthony Noto added colour to the results: “We saw new member adds of nearly 585,000 and growth of 44% for total period end members of over 7.5 million, with new product adds of nearly 695,000 and growth of 41% to over 11 million total products at period end.
“Record revenue at the company level was driven by record revenue across all three of our business segments, with a record contribution of 40% of adjusted net revenue generated by our nonlending segments (Technology Platform and Financial Services segments).”
Shares rallied nearly 18% when markets opened on Monday and were changing hands for $8.72 at the time of writing.