SoFi Technologies delivered strong Q2 2024 results with total net revenue reaching $598.6M, up 20% YoY, and achieved profitability with net income of $17.4M compared to a loss of $47.5M in Q2 2023. Net interest income grew 42% YoY to $412.6M, while the total loan portfolio expanded 21% YoY to 1.09M loans. The company maintained a robust net interest margin of 5.83%, up 9 basis points YoY.All business segments demonstrated significant improvement, with Lending generating $197.9M in contribution profit (+8% YoY), driven by strong originations growth across personal loans (+12%), student loans (+86%), and home loans (+71%). The Technology Platform's contribution profit surged 82% YoY to $31.2M, while Financial Services turned profitable with $55.2M contribution profit, compared to a loss in the previous year.The company maintained a strong capital position with a CET1 ratio of 16.6% and total deposits of $23.0B. Notable operational updates included implementing a flexible-first workforce model and enhancing cybersecurity measures. SoFi also strengthened its financial structure by completing the redemption of Series 1 Redeemable Preferred Stock and issuing $862.5M in convertible notes due 2029.

SoFi Technologies delivered strong Q2 2024 results with total net revenue reaching $598.6M, up 20% YoY, and achieved profitability with net income of $17.4M compared to a loss of $47.5M in Q2 2023. Net interest income grew 42% YoY to $412.6M, while the total loan portfolio expanded 21% YoY to 1.09M loans. The company maintained a robust net interest margin of 5.83%, up 9 basis points YoY.All business segments demonstrated significant improvement, with Lending generating $197.9M in contribution profit (+8% YoY), driven by strong originations growth across personal loans (+12%), student loans (+86%), and home loans (+71%). The Technology Platform's contribution profit surged 82% YoY to $31.2M, while Financial Services turned profitable with $55.2M contribution profit, compared to a loss in the previous year.The company maintained a strong capital position with a CET1 ratio of 16.6% and total deposits of $23.0B. Notable operational updates included implementing a flexible-first workforce model and enhancing cybersecurity measures. SoFi also strengthened its financial structure by completing the redemption of Series 1 Redeemable Preferred Stock and issuing $862.5M in convertible notes due 2029.