22 May 20245 minute read

FY24 update: A year of strong execution

Plenti Group Limited (Plenti) is pleased to provide its full year results for the year ended 31 March 2024 (FY24).

  • Closing loan portfolio of $2.1 billion, up 21% on PCP
  • Loan originations of $1.2 billion, up 6% on PCP
  • Revenue of $211 million, up 47% on PCP
  • Robust credit performance, with a 1.06% net loss rate
  • Cash NPAT of $6.1 million, up 36% on PCP
  • Materially reduced cost-to-income ratio to 26.5% from 34.2% in PCP, evidencing operating leverage inherent in Plenti’s technology-led business model
  • Enhanced operating efficiency by removing all off-shore operational support in final quarter, with technology largely replacing previously off-shored activities
  • Completed two ABS transactions, bringing total ABS issuance to over $2.1 billion
  • Delivered significant enhancements to proprietary technology platform, and built a new customer journey and integration with NAB systems to support ‘NAB powered by Plenti’ car loan
  • Entered strategic partnership with NAB through which Plenti will provide ‘NAB powered by Plenti’ and Plenti own-branded finance solutions to NAB’s large personal banking customer base
  • Plenti and NAB entered an equity investment agreement, which provides for NAB to acquire or subscribe for up to 15% of Plenti's share capital, on achievement of milestones
  • Demonstrated value of retail investor platform by continuing to provide eligible investors with a higher investment return option via the ‘Notes Market’, while further diversifying Plenti’s funding sources and releasing corporate capital