Provision Fund and Loan Book Update: Q4 FY21
Our quarterly data report in relation to the Plenti Lending Platform (PLP) loan book and provision fund performance.
Plenti Group Limited (ASX:PLT) (Plenti or the Company) is pleased to provide its quarterly data report in relation to the Plenti Lending Platform (PLP) loan book.
The PLP is a registered managed investment scheme with over 23,500 members (who are predominantly retail investors) and is one of the diverse funding platforms utilised by the Company to fund loans. To provide members who invest via the PLP with transparency as to the credit characteristics of the PLP loan book, Plenti releases data about the portfolio. This data is released on a quarterly basis to members via the Plenti website, as well as the ASX so it is available for Plenti shareholders.
Shareholders in Plenti should be aware that the data provided only relates to the PLP and does not provide a complete picture of Plenti’s total loan portfolio. In particular, it does not include data on loans funded via warehouse structures and the Plenti Wholesale Lending Platform.
Shareholders should refer to the quarterly trading update released to the ASX on 12 April 2021 for data in relation to the performance of the total Plenti loan portfolio.
PLP lending statistics as at 31 March 2021
| Lending Statistics | Total |
| Total amount lent1 | $819,336,112 |
| Total principal repaid | $536,495,742 |
| PLP loan book | $282,840,371 |
| Number of loans outstanding | 25,525 |
| Average outstanding loan amount | $11,081 |
| Weighted average remaining term | 42 months |
An important feature of the PLP is the Provision Fund. The Provision Fund comprises cash held on trust for the benefit of members who invest via the PLP and is designed to help protect them from loss in the event a borrower misses a payment or defaults. Information on the Provision Fund position as at 30 December 2020 is set out below.
| Cash in Provision Fund1 | $13,978,688 |
| Expected Provision Fund inflows2 | $6,193,570 |
| Provision Fund buffer3 | $20,261,361 |
| Estimated Provision Fund coverage ratio4 | 190% |
| Claims made on Provision Fund to date | 100% of late payments and defaults |
| Claims paid by Provision Fund to date | 100% of total claim value |
PLP loan and borrower characteristics as at 31 March 2020 (based on principal outstanding)
