nomoatrated sofi technologies reported solid secondquarter earnings as weak student loan origination was offset by personal loans and deposit growth that came in well above our expectations sofi’s net revenue grew 57 year over year and 97 from last quarter to 3625 million as we incorporate these results we do not expect to materially alter our 15 fair value estimate for sofi sofi’s lending business which remains the firm’s largest segment saw its revenue grow 55 from last year to 257 million the segment continues to benefit from rapid growth in net interest income which rose 101 year over year and 21 quarter over quarter to 114 million increasing net interest income was one of the primary goals behind sofi’s acquisition of a national bank charter as it allows sofi to retain its client’s deposits and use them to finance its lending arm deposit growth impressed during the quarter rising 135 from last quarter to 27 billion we had expected the high rates offered by sofi’s bank accounts to act as a tailwind to the firm’s deposit gathering efforts but these results are impressive with deposits now making up roughly 40 of the company’s total funding sofi’s loan origination volume was more mixed with total origination rising 87 from last year but falling 34 from last quarter personal loans remained strong with origination rising 91 from last year to 25 billion this was offset by weakness student loans and mortgage origination which fell 54 and 58 respectively to 399 million and 332 million federal student loan forbearance remains a major headwind to sofi with student loan volume during the quarter coming in at around 25 of prepandemic volume while forbearance is slated to end aug 31 our current projections include an assumed extension into 2023 as student loan servicers have been told not to send billing notices to borrowers this means forbearance will likely remain an ongoing headwind for sofi in 2022