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The personal lender’s loan portfolio rose for the quarter ended 30 June 2023.
Non-bank lender Plenti Group Limited (Plenti) has revealed its loan portfolio hit $1.90 billion for the quarter ended 30 June 2023, a 32 per cent increase from the previous corresponding period, and an 8 per cent increase on the prior quarter (31 March 2023).
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Plenti’s loan originations for the quarter totalled $332 million, an increase of 15 per cent on the same period last year and 20 per cent above the prior quarter.
According to the lender, this was primarily driven by “record” renewable energy and personal lending supported by the “continued growth in Plenti’s direct to consumer lending”.
Renewable energy loan originations hit $36 million (53 per cent higher than the same period last year), while personal loan originations were $122 million (8 per cent higher than the previous quarter).
In addition, Plenti’s automotive loan originations were $174 million for the quarter, 37 per cent higher than the preceding quarter.
Automotive loans drove Plenti’s loan book during the quarter ended 31 March 2023, reaching $998 million in automotive loans. The lender surpassed the $1 billion milestone in automotive loans in April, revealing 29 per cent growth on the same period in 2022.
Plenti chief executive Daniel Foggo commented on the results: “We’re delighted to have delivered record quarterly loan originations, as our priority moving into the new year has been to drive strong origination growth to help us maximise the economies of scale our technology-led model offers.
“We’ve achieved record monthly lending of over $130 million in June 2023 and we expect our differentiated customer experiences to continue to attract healthy levels of demand across each of our three core lending verticals.”
ABS transaction
During the quarter, Plenti completed a $406 million automotive loan asset-backed securities (ABS) transaction, which increased its total ABS issuance to over $1.7 billion, and refreshed capacity in its automotive warehouse facilities.
According to Plenti, the ABS structure was rated by Moody’s and Fitch, with the strength of the credit performance and credit profile of the underlying borrowers reflected in the credit support required for each tranche.
Plenti chief financial officer Miles Drury commented when the transaction was announced: “The transaction was well oversubscribed and priced attractively relative to comparable ABS transactions in recent weeks, reflecting strong support from a broad range of investors, both domestic and offshore.”
[RELATED: Fintech lender prices ABS transaction]
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