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Online lender OnDeck posts surprise quarterly adjusted profit


(Reuters) - Online lender OnDeck Capital posted a surprise quarterly adjusted profit on Monday, driven by lower costs and higher interest income.OnDeck has been trying to keep a tight leash on its expenses to improve profitability and said in May it would slash annual costs by $45 million, mainly by cutting headcount by about 27 percent.Investors have been concerned about the quality of OnDeck's loans and its ability to sustain a strong pace of growth.To address this, the company said it would fund more loans by itself, which would lead to larger loss reserves and lower originations in 2017, ...

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First Published: Mon, August 07 2017. 17:08 IST