Reported 2 months ago
Oportun is focusing on improving its credit performance by reducing loan charge-offs and selling its three-year-old credit card portfolio. The company reported an annualized net charge-off rate of 12.3%, aligning with analyst expectations but significantly higher than the average rates among U.S. commercial banks. CEO Raul Vazquez emphasized a strategic shift towards quality over quantity in their loan origination process. Oportun aims to complete the sale of its card portfolio by the end of Q3 2024 while launching a new partnership with Western Union and forecasting revenues of up to $1.01 billion for the year.
Source: YAHOO