Updates12 October 20213 minute read

Plenti Q2 FY22 Update

Plenti delivers 140% year-on-year growth, brings forward profitability.

  • Record quarterly loan originations of $256.4 million, 140% above prior corresponding period (PCP) and 18% above prior quarter 
  • Record monthly loan originations of $95.5 million in September, 159% above September 2020, which at that time represented a record month for loan originations
  • H1 FY22 loan originations of $473 million, 183% above PCP and 56% above prior half
  • Loan portfolio increased to $915 million, 110% above PCP and 21% above prior quarter
  • Inaugural asset-backed securities $306.3 million transaction completed, significantly reducing funding costs
  • Exceptional credit performance maintained with 90+ day arrears at 26 basis points
  • Financial priorities of $1 billion loan book and monthly Cash NPAT profitability target dates brought forward to the current quarter ending 31 December 2021
  • Automotive loan origination growth reflected continued gains in market share, driven by Plenti’s on-going investments in technology and product development, and sales and distribution capabilities;
  • Renewable energy finance growth was driven by the continued adoption by referral partners of Plenti’s buy-now-pay-later offering, as well as the accreditation of an additional 50 commercial partners; and
  • Personal lending growth of 136% versus PCP showed the resilience and depth of Plenti’s multi-channel customer reach and digital distribution capabilities, and also reflected the comparable quarter in FY21 being impacted by COVID-19 related factor
  • Growth – Plenti expects to achieve a $1 billion loan portfolio by the end of December 2021 (previously by March 2022); and
  • Profitability – Plenti expects to achieve positive monthly Cash NPAT by the end of December 2021 (previously by June 2022), assuming consistent credit performance.

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Written byTeam Plenti
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