SoFi Technologies said first-quarter profit doubled from a year earlier, supported by record loan originations and rapid member growth that together pushed adjusted revenue to the highest level in the company’s history.
For the quarter ended March 31, total loan originations rose to $12.2 billion, paced by robust activity across personal, student and home lending. Membership expanded 35% year-over-year to a record 14.7 million in the first quarter.
CEO Anthony Noto described the company’s consumer base as healthy. "The health of our consumer base remains strong. We saw record loan growth in the first quarter with strong demand expected for the second quarter," he said. Noto added that point-of-sale debit spending remains strong and that credit performance is in line with expectations.
SoFi’s results arrived against a backdrop of improving loan demand at lenders generally even as the economy faces headwinds. The wider lending environment remains affected by uncertainty tied to elevated oil prices connected to unrest in the Middle East and by still-high interest rates.
Financial performance details
The company’s net interest income, a key indicator of lending profitability, increased 39% to $693 million in the quarter. Total fee-based revenues were up 23% to $386.8 million. Reported earnings rose to 12 cents per share from 6 cents in the same quarter a year earlier. Adjusted revenue climbed 41% to a record $1.1 billion.
SoFi has broadened its business from its origins as a student-loan refinancing startup into a digital-first financial services company offering a range of products including investing, credit cards and savings accounts.
Noto contrasted SoFi’s digital platform with the older, fragmented systems of legacy banks, arguing that these incumbents are constrained in their ability to innovate and that SoFi is gaining market share as a result.
Market and consumer context
U.S. consumer spending has shown steady patterns, the company said, supported by low unemployment and resilient incomes. That backdrop has helped support demand for lending products and the broader suite of fintech services targeted at younger, tech-oriented customers who favor mobile-first platforms and integrated product offerings.
While the quarter brought clear momentum for SoFi, the company and the sector continue to navigate the broader macroeconomic uncertainties stemming from energy-related price pressure and elevated borrowing costs.
Outlook
Management indicated expectations for sustained demand into the second quarter, pointing to ongoing strength in debit spending and stable credit metrics as drivers of near-term performance.