Money15 November 20224 minute read

Plenti delivers profitable growth in 1H23

We're proud to deliver our results for 1HFY23, with highlights the achievement of a $1.55 billion loan portfolio, marking 69% growth above the prior corresponding period.

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  • Loan portfolio grew to $1.55 billion, 69% above PCP and 19% above prior half
  • Half-year loan originations of $558 million, 18% above PCP, despite material borrower rate increases
  • Record revenue of $63.8 million, 71% above PCP and 24% above prior half
  • Exceptional credit performance, with annualised net credit losses of 63 basis points
  • $437 million automotive loan asset-backed securities (ABS) transaction completed in June
  • Warehouse loan funding capacity increased to provide ~$340 million of headroom
  • Cash NPAT of $1.4 million, a $3.6 million improvement on PCP
  • Increased volume of loans funded by retail investors via innovative Plenti Lending Platform, which provides low cost and capital efficient funding
  • Continued investment in extending technology advantages, including updated investor mobile app
  • Reached $3 billion in total loans funded since inception
  • Reached $1 billion in total loans funded by investors via Plenti Lending Platform since inception
  • Sharpened focus on driving profitability both short and medium-term
  • FY23 ambitions include reaching closing loan portfolio of ~$1.75 billion, achieving a cost-to-income ratio <35%and driving robust half-on-half Cash NPAT growth
  • Medium-term ambition to realise $25+ million in cost benefits as loan portfolio doubles from $1.5 billion to $3.0 billion
Note: chart represents historical data only, historical growth rates are not necessarily an indicator of future growth rates