Plenti increases its loan portfolio to over $2 billion
ASX-listed Plenti Group have provided a trading update for the quarter ended 31 December 2023 (3Q24).
Highlights
- Loan portfolio increased to $2.07 billion, 24% above PCP and 4% above prior quarter
- Loan originations of $291 million, 2% below PCP and in line with prior quarter, reflecting ongoing focus on loan profitability
- Entered into strategic partnership with NAB, initially to provide “NAB powered by Plenti” car/EV loans and to make Plenti renewable energy finance available to NAB customers
- Quarterly revenue of $54.4 million, 46% above PCP, driven by loan portfolio growth and the higher interest rate environment
Commenting on the quarter, Plenti Chief Executive Officer Daniel Foggo, said, “We achieved strong operational performance across all areas of our business in our third quarter, which was especially pleasing given the focus and resources applied to the establishment and then implementation of our strategic partnership with NAB.”
“We enter 2024 excited about our ability to drive strong operational results in our existing activities, whilst also delivering on exciting new initiatives, most notably the launch of the ‘NAB powered by Plenti’ car loan.”
Plenti’s loan portfolio, which is a key driver of revenue, increased to $2.07 billion at 31 December 2023, a 24% increase from 31 December 2022 and a 4% increase from 30 September 2023. The loan portfolio remains diversified across Plenti’s three lending verticals, with the contribution from renewable energy continuing to increase over the period.
