Money26 October 20224 minute read

Plenti continues to deliver profitable growth

We're pleased to announce our Q2FY23 results, with highlights including an increase in our loan portfolio to $1.55 billion, 69% above PCP and 7% ($107 million) above prior quarter

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  • The strength of Plenti’s average borrower credit profile, evident by the weighted average Equifax credit score across the loan portfolio being 835 at the end of the quarter
  • 90+ day arrears reduced to only 28 basis points at the end of the quarter, down from 31 basis points at the end of the prior quarter
  • Enhancing API infrastructure, to support deeper integrations with loan referral partners, especially in the automotive channel - Building enhancements to the Plenti retail investor offering, to help support growth and funding flexibility of the Plenti Lending Platform over the medium term
  • Driving operational efficiencies, such that Plenti’s existing team can support higher monthly loan originations and a larger loan portfolio
  • A $ 50 million increase in the capacity of the renewable energy and personal loan warehouse facility to $350 million (noting the limit on this warehouse had been increased $100 million on 30 June 2022)
  • A $100 million increase in the capacity of the original secured automotive warehouse facility to $350 million, coupled with a term extension to November 2023
  • A $100 million increase in the capacity of the second secured automotive warehouse facility, which benefits from a lower-cost electric vehicle tranche, to $250 million
  • A restructuring of Plenti Lending Platform investment markets, enabling a higher proportion of renewable energy and personal loans to be allocated to the Plenti Lending Platform for funding
  • Commencement of a program to broaden the range of credit assets funded via the Plenti Lending Platform, which is expected to support both loan portfolio growth and further equity capital efficiency