SoFi's Q3 Success Driven by Tech Platform and Personal Loans, Surpassing Expectations

SoFi reported a surge in student loan originations and deposits in its third quarter, leading to a doubling of its net interest income. The fintech bank raised its full-year revenue guidance and predicted a quarterly profit before the end of the year. However, it still reported a net loss of $277 million, including a one-time impairment charge. SoFi expects to be profitable by the end of the year but acknowledges potential pressure on lending due to the Federal Reserve's stance on interest rates.