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- ASX newcomer Plenti Group (PLT) is continuing to impress, delivering a record performance for the quarter ending December 31, 2020
- Loan originations for the period reached an all-time high of $130.9 million, representing a 58 per cent over the same period in 2019 and a 22 per cent increase compared to the prior quarter
- The company’s total loan portfolio also grew to $508 million, a 48 per cent increase compared to the year before
- Plenti is also well-funded, having recently increased its automotive loan warehouse facility and established a new renewable energy warehouse facility
- Shares in Plenti Group were up 5.53 per cent at the close of trading yesterday to $1.24 each
ASX newcomer Plenti Group (PLT) is continuing to impress, delivering a record performance for the quarter ending December 31, 2020.
The technology-led consumer lending and investment business achieved an all-time high in loan originations of $130.9 million, representing a 58 per cent over the same period in 2019 and a 22 per cent increase compared to the quarter before.
With new monthly records set in October, November and December, Plenti has reported six straight months of record loan originations.
The steep growth curve was driven primarily by automative lending, which grew 273 per cent since the year before and 24 per cent compared to the prior quarter.
Renewable energy was also up 19 per cent year-over-year, thanks in part to a solid recovery in Victorian volumes with the easing of virus-related lockdown restrictions.
While personal loans grew 31 per cent from the prior quarter, this aspect of Plenti’s business has failed to fully recover and remains down 8 per cent compared to last year.
As of December 31, the company’s total loan portfolio had increased to $508 million, a 46 per cent jump from the year before.
During the quarter, Plenti increased its secured automotive loan warehouse facility from $150 million to $275 million, and established a new $100 million warehouse funding facility to support growth in renewable energy and personal loan originations.
All together, the company has roughly $212 million in funding headroom across the two facilities, with the potential for additional financing through two investor marketplace platforms.
“We are successfully achieving scale in the large markets we address, while lowering our cost of funding through the expansion of our warehouse facilities,” said Daniel Foggo, CEO of Plenti Group.
“With our strong capital position, leading technology, market leading credit and growing momentum across each part of our business, the outlook for the fourth quarter and rest of 2021 is very positive,” he added.
Shares in Plenti Group were up 5.53 per cent at the close of trading yesterday to $1.24 each.
