Plenti Group Limited has provided its results for the six-month period ended 30 September 2024 (1H25).
The Plenti Group shared the following financial highlights:
- Closing loan portfolio of $2.3 billion, up 14% on pcp
- Loan originations of $627 million, up 0.4% on pcp
- Half-year revenue of $124.2 million, up 28% on pcp
- Strong credit performance, with a 1.11% net loss rate and 90+ days arrears rate of 50bps at period end
- Cash NPAT of $5.5 million, up 260% on pcp
Some of the key operational highlights released by Plenti Grop are as follows:
The firm said there was materially reduced cost-to-income ratio “to 24% from 29% in the pcp, further evidencing operating leverage inherent in Plenti’s technology-led business model.”
The company also noted it has launched a loan subvention offer with leading EV manufacturer Tesla, leveraging the strong “integration capabilities of their proprietary technology platform to deliver the solution in less than three weeks.”
The Fintech lender further stated that it has delivered enhancements to their proprietary tech platform, including “improving customer experiences and platform scalability.”
Plenti has reportedly completed “$458 million automotive asset-backed securities (ABS) transaction as well as a $330 million PL & green ABS transaction (post period end), bringing total ABS issuance to over $2.8 billion.”
Progressively released the ‘NAB powered by Plenti’ car and EV loan to NAB’s existing customer base from Sept ’24, “following a successful pilot with NAB’s employees.”
The firm also noted that it secured up to $60 million in discounted renewable energy funding from the Clean Energy Finance Corporation under its $1 billion Household Energy Upgrades Fund.
The company added that it continued to leverage the GreenConnect platform to support battery “uptake in their Renewable energy lending business with 29% of loans in the period including a battery.”
Adam Bennett, Plenti’s CEO, said that having joined the Plenti business in July this year he is pleased by the capabilities the business “has and the opportunity that this presents.”
Bennett added that he is pleased “by the quality of their people, their proprietary technology and our ability to partner with others to address customers’ borrowing needs.” They also mentioned that the 1H25 results reflect the great work of the team “leveraging these capabilities to deliver strong operating and financial results.”
Plenti’s diversified loan portfolio increased “to $2.3 billion at 30 September 2024, up 14% from the prior comparable period (pcp) and up 6% from 31 March 2024.”
As noted in the update, the “strongest relative” growth was achieved in Plenti’s renewable energy loan book, “up 28% on pcp, in part reflecting the positive impact of Plenti’s unique GreenConnect platform.”
Total loan originations were “$627 million, up 0.4% on pcp. Loan originations in 1Q25 were $303 million, down 9% on pcp, impacted by lower commercial automotive volumes in June which in the prior year had been very strong due to tax concession changes at the end of the period. Loan originations in 2Q25 were $323 million, up 11% on pcp, as the business delivered solid growth across all channels in the quarter.”
After a pilot period with NAB’s employees during 1H25, the ‘NAB powered by Plenti’ car and EV loan was “launched to NAB’s existing customer base on 23 September 2024.”
The marketing and distribution of the product is planned to be “progressively expanded through 2H25 via ongoing targeted email campaigns to NAB customers and increased visibility to customers in NAB’s mobile app and internet banking platform.”
Plenti and NAB expect moderate volumes through 2H25 but have been pleased with the consistent “growth in engagement with the product from customers since it became more broadly available.”
Plenti and NAB’s product and tech teams work together on enhancing aspects of the product, with a focus on the “customer experience and operational efficiency.”
NAB and Plenti entered into a Subscription Agreement on 27 November 2023 which provides for “two equity placements, the first of which became available for exercise during a two-month window upon successful launch of the ‘NAB powered by Plenti’ car loan to customers on 23 September 2024.”