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Growth across all lending verticals drove a 19 per cent jump in Plenti’s loan portfolio in the financial year ending March.
Non-bank lender Plenti has praised the role of brokers in helping grow loan originations by almost one-fifth for its financial year ending 31 March 2025 (FY25).
Total loan originations rose 18 per cent year on year to $1.4 billion, contributing to a 19 per cent annual jump in Plenti’s loan portfolio, which increased to $2.5 billion by year end.
All lending verticals contributed to growth, with automotive loan originations up 14 per cent year over year to $709 million.
Renewable energy loan originations were up 18 per cent on the prior year to $189 million, partly driven by the continued adoption of Plenti’s GreenConnect platform.
Personal loan originations were $519 million, up 24 per cent on the year before, supported by increased repeat and cross-sell origination volumes from existing borrowers.
Plenti also drew attention to its National Australia Bank (NAB) partnership, which sees Plenti power NAB’s car loan. The partnership launched in the second quarter of FY25 and made available to NAB customers via their website, banking app, and internet banking from the fourth quarter.
Volumes for the lending product grew steadily across the final quarter and have accelerated further into the start of the new financial year, Plenti said.
The loan portfolio growth, combined with higher borrower interest rates, drove revenue to $259 million, up 23 per cent on the prior year. Plenti posted a statutory net profit after tax of $24.8 million, swinging from a $14.7 million loss the year before.
Commenting on the results, Adam Bennett, who became Plenti CEO in July 2024, said: “FY25 was yet another exciting year in Plenti’s evolution as we continued to scale into a significant non-bank lender.
“We successfully changed CEOs while our talented team continued to focus on providing great service to our customers, growing the loan book, and driving strong credit and operational outcomes with discipline and enthusiasm.”
Looking ahead, Plenti is aiming to grow its loan book to $3 billion by March 2026.
In March, Plenti restructured its sales team into two divisions in a move to improve broker support across its lending products.
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