Plenti delivers positive Cash NPAT for FY22

ASX-listed fintech company Plenti have announce their full year results for the year ended 31 March 2022 (FY22), with record loan originations of $1.1 billion (up 134% year-on-year), record loan book of $1.3 billion (up 111% year-on-year) and record interest revenue of $87.3 million, up 72% year-on-year.

They also delivered a full year Cash NPAT of $0.5 million, with second half Cash NPAT of $2.7 million.

Plenti CEO and Founder Daniel Foggo said, “Achieving positive cash NPAT is a major milestone for Plenti and a testament to the strength of our technology-led business model and talented team. It rounds out what has been an exceptional year of growth as we continue to capture market share in all lending verticals and set new industry standards.

“Underpinning this is a relentless focus on delivering exceptional experiences and growth initiatives. With our diverse funding options, continually improving operational efficiencies as we scale, and strong risk management track record, we are well placed to continue delivering profitable growth.”

Loan origination and loan portfolio growth

Plenti achieved strong loan origination growth in the year to 31 March 2022, up 134% on FY21. Growth was particularly strong in automotive finance, where annual loan originations of $ 639 million were 177% above the prior year.

Renewable energy originations grew to $98 million, 72% above the prior year. Personal lending grew to $365 million, 100% above the prior year.

This growth was achieved whilst also further enhancing the average credit profile of borrowers. The average Equifax credit score on the loan portfolio increased from 821 at the start of the period to 838 at the end of the period.

Plenti’s total loan portfolio grew 111% to $1.3 billion at 31 March 2022, comprising $745 million in automotive loans, $142 million in renewable energy loans and $413 million in personal loans.