Plenti ends 2022 with $1.67bn book

Plenti Group Limited (Plenti) has released its results for 3Q23, reporting that its loan portfolio has increased to $1.67 billion, 51 per cent above the previous corresponding period (PCP) and 8 per cent higher than the prior quarter.

This revealed an increase of 328.2 per cent in the loan portfolio when compared to the June 2020 quarter’s portfolio sum.

Additionally, the non-bank lender reported total loan originations fell 3 per cent PCP to $297 million, however, still sat 10 per cent above the prior quarter.

Automotive loan originations made up 47.8 per cent of the total loan originations at $142 million that increased 62.4 per cent on the same period in 2021. Renewable energy loan originations saw a “record” quarter at $34 million, 16 per cent higher than the previous quarter while personal loan originations hit $121 million, 21 per cent above the prior quarter.

Although the overall portfolio net interest margin held broadly stable due to the impact of an interest rate increase in one of the non-bank lender’s automotive warehouse facilities, net interest margins on new originated loans still rose during the quarter.

The group saw revenue of $37.4 million and positive cash NPAT in the quarter. According to Plenti, it remains “on track” to achieve objectives for 2H23.

Plenti chief executive, Daniel Foggo, commented on the results: “This was another positive quarter for Plenti, with strong loan portfolio growth achieved whilst also increasing new interest margins on new originations, demonstrating the continued appeal of Plenti offerings to both referral partners and customers.

“We continue to invest in extending our technology-led customer experience and efficiency advantages as we work towards achieving our mission of building Australia’s best lender.”

The non-bank lender previously saw an increase in its loan portfolio of 69 per cent in the six months ended 30 September 2022.

In addition, the group completed a $437 million automotive loan asset-backed securities (ABS) transaction in June 2022, which brought its total ABS issuance following the inaugural transaction in August 2021 to over $1 billion.

CFO, Miles Drury, said at the time that the lender was pleased to be announcing the pricing of its automotive ABS transaction as it reflected the growth of its automotive loan originations.

[RELATED: Plenti’s loan portfolio increases by 69%]

Written by Adrian Suljanovic

Last Updated: 17 January 2023

Published: 18 January 2023