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The fintech lender has reported increases in its loan portfolio and loan originations for the quarter ended 30 September 2023.
Fintech lender Plenti Group Limited (Plenti) has recorded its loan portfolio grew by 29 per cent to $1.99 billion from the September quarter last year and a 5 per cent increase from 30 June 2023. According to the lender, its loan portfolio grew to $2 billion in the first week of October 2023.
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Plenti’s loan originations for the September quarter 2023 totalled $292 million, up 9 per cent on the prior comparable period, and 12 per cent below its record loan originations reached in the previous quarter.
The lender’s loan originations for the quarter ended 30 June 2023 totalled $332 million, an increase of 15 per cent on the same period last year and 20 per cent above the prior quarter.
Plenti stated at the time that this was primarily driven by “record” renewable energy and personal lending supported by the “continued growth in Plenti’s direct to consumer lending”.
Automotive loans were also down from the June quarter, but up 10 per cent on the previous comparable period, reaching $154 million by the end of September.
According to Plenti, its automotive loan originations “benefited from strong commercial loan originations at the June financial year end”.
Furthermore, Plenti’s personal loan originations were $98 million, down by 2 per cent on the previous comparable period, and 19 per cent on the prior quarter. The lender attributed this as a reflection on the refinements in its credit appetite, driven by a focus on delivering stable credit outcomes.
In terms of credit performance, the lender’s 90+ arrears fell to 45 bps by the end of the quarter from 49 bps in the prior quarter.
Plenti stated that its early-stage arrears “continued to be stable, reflecting resilience in broader consumer credit” assisted by its credit risk appetite refinement and settings.
According to Plenti, its outlook for FY24 is to further drive growth in loan originations and its loan portfolio while growing revenue to over $200 million.
Plenti’s chief executive Daniel Foggo commented on the quarterly results: “Evidencing stability in credit performance was a priority for this quarter, so it’s pleasing to deliver net annualised credit losses of below 1 per cent, further demonstrating Plenti’s capabilities in credit underwriting and loan portfolio management.
“We continue to invest in extending our technology-led customer experience and efficiency advantages as we work towards achieving our mission of building Australia’s best lender.”
[RELATED: Plenti loan portfolio up by 32% in 4Q23]
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