Plenti loan book exceeds $1.25bn

The group first achieved a positive cash net profit in October, and since then, it has recorded increases each month.

The lender has now upgraded its cash net profit after tax (NPAT) guidance to at least $2.2 million in the six months to 31 March, the second half of its 2022 financial year.

Plenti had previously expected a cash NPAT of at least $1 million.

The upgrade has come off the back of the group loan book reaching $1.28 billion, beating its financial year target of $1.25 billion.

Daniel Foggo, chief executive of Plenti, commented the company is “well-placed to continue its growth into the next financial year”.

“Our proprietary technology platform is delivering leverage as we scale while continuing to provide exceptional customer experiences, helping us take market share,” Mr Foggo said.

Plenti had also secured a new corporate debt facility last week, signalling plans to grow its warehouse and ABS funding structures.

Plenti has previously flagged that it has ambitions to hit a $5 billion loan book in the next few years, with brokers to play a key role.

The group has invested heavily in its technology and data capabilities, with the aim of slimming down turnarounds.

Plenti’s loan book ended 2021 at $1.1 billion, 118 per cent higher than a year earlier and 21 per cent above the September quarter.

The lender also established a $250 million automotive warehouse facility in December, with Westpac as senior debt funder and the Clean Energy Finance Corporation providing mezzanine finance.

[Related: Lend welcomes new head of broker & 3rd-party distribution]