Plenti Group Limited (ASX: PLT) has released a trading update for the quarter ended 30 September 2021 (Q2 FY22).
Highlights from this report are as follows:
- Record quarterly loan originations of $256.4 million, 140% above prior corresponding period (PCP) and 18% above prior quarter
- Record monthly loan originations of $95.5 million in September, 159% above September 2020, which at that time represented a record month for loan originations
- H1 FY22 loan originations of $473 million, 183% above PCP and 56% above prior half
- Loan portfolio increased to $915 million, 110% above PCP and 21% above prior quarter
- Inaugural asset-backed securities $306.3 million transaction completed, significantly reducing funding costs
- Exceptional credit performance maintained with 90+ day arrears at 26 basis points
- Financial priorities of $1 billion loan book and monthly Cash NPAT profitability target dates brought forward to the current quarter ending 31 December 2021
Those looking to familiarise themselves with the company might wish to revisit PLT CEO and Executive Director Daniel Foggo’s presentation at our Hidden Gems Webinar back in July, 2021.