Plenti Group Reaches Record Quarter in September, Advances $ 1 Billion Lending Target

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Plenti Group expects positive cash flow and a $ 1 billion loan portfolio by the end of December 2021, instead of March 2022.

Fintech lender Plenti Group (ASX: PLT) achieved another record quarter for the three months ending in September (T2 FY2022), which advanced the target for the company’s $ 1 billion loan portfolio to December. instead of March 2022.

Plenti’s quarterly loan origins for the second quarter of fiscal 2022 increased 140% to $ 256.4 million, from $ 107 million in the second quarter of fiscal 2021.

The number in the second quarter of fiscal 2022 was also 18% higher than the first quarter of fiscal 2022, which saw loan origins of $ 216 million.

Underpinning this record growth was a record monthly loan origination of $ 95.5 million for September, an increase of 159% from September 2020.

Plenti CEO Daniel Foggo said the September quarter was another “bumper” period for the company with record lending origins in every lending vertical.

“By continuing to gain market share, Plenti has recorded strong growth despite the blockages induced by COVID. “

Mr Foggo added that the firm’s strong growth has led to accelerated timelines where it now expects to reach a billion dollar loan portfolio by the end of December. The company also expects its cash flow to be positive during this period.

Performance of the credit segment

Plenti’s accelerated growth engine has been the driving force behind record lending across its three lending verticals – automotive, renewable energy and personal.

The highest loan origins came from the automotive segment which reached $ 143.1 million in the second quarter of fiscal 2022, compared to $ 55.4 million in the second quarter of fiscal 2021 and $ 114.6 million. dollars in the first quarter of fiscal 2022.

Plenti’s personal loans division reported $ 87.4 million original in loans for the second quarter of fiscal 2022, up 136% from the figure of $ 37 million in the second quarter of fiscal year. fiscal year 2021.

The origins of renewable energy loans were $ 25.9 million in the second quarter of fiscal 2022, compared to $ 14.6 million in the second quarter of fiscal 2021.

Although accounting for the least amount of loan origins, the renewable energy division experienced the highest quarter-over-quarter growth of 26%.

A record semester

Meanwhile, for the first half of fiscal 2022 ending in June (S1 FY2022), Plenti’s posted $ 473 million original in loans, up 183% from H1 FY2021.

It was also 56% higher than the previous semester.

In the second quarter of fiscal 2022, Plenti’s loan portfolio reached $ 915 million, an increase of 110% over the previous corresponding period and 21% from the quarter’s $ 757 million. of June.

Lower financing costs

Plenti’s “exceptional credit performance” was the basis for this record performance. The company noted that its annualized net loss for the second quarter of fiscal 2022 was 70 basis points.

Plenti’s auto loan financing costs were also “significantly reduced” after a $ 306.3 million asset-backed securities transaction closed in August.

Moody’s assigned an AAA rating to 87.8% of the transaction notes.


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