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The personal lender has seen broker originations hit a new record, rising 23 per cent in the year to March, according to new data.
Non-bank lender Plenti has released its financial results for the year ended 31 March 2023, revealing that personal loan originations from brokers hit a new record, up 23 per cent year on year.
According to the lender, its accredited broker base increased by around 1,400 to over 8,500 accredited brokers in the year.
As well as announcing record personal loan flows from the broker channel, Plenti flagged that there was continued demand from brokers for Plenti auto loans, particularly commercial auto loans that grew 211 per cent on the financial year 2022.
Speaking of the achievement, Nicki Olds, head of personal lending, broker, at Plenti, said: “We’ve continued to enjoy strong support from our broker partners in FY23, with broker-originated personal loans reaching a new record, up 23 per cent year on year.
“Our brokers tell us that our technology is market leading, making it faster and easier for them to offer personal loans and automotive finance to their clients, helping grow and diversify their broking businesses.
“We’re very focused on our broker network and this year’s result is testament to the quality of our offering and the strength of the relationship we’ve established with brokers.”
According to the financial results, Plenti originated a record $1.1 billion in the year to 31 March 2023, up 3 per cent on FY22.
Its total loan portfolio is now just under $1.8 billion (up 36 per cent on the prior year), having risen 36 per cent on the same period last year.
Over the year, it also brought in record revenue of $143 million, up 62 per cent on prior year and record cash net profit after tax (NPAT) of $4.5 million, up $4.0 million on prior year.
Daniel Foggo, chief executive and founder, said: “Growing cash NPAT to $4.5 million in a year when funding costs increased materially is testament to the strength of our technology-led business model and our talented team.
“We leveraged our product diversity and capabilities across customer reach, funding and credit, to deliver another differentiated performance.
“We enter our new financial year confident of our ability to continue building market share in each of our loan verticals, and our ability to translate these market share gains into robust profit growth.”
[Related: Car loans drive up Plenti loan book to $1.77bn]
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