It also reduces cost-to-income ratio, expands EV partnerships, and secures renewable energy funding
Non-bank lender Plenti has released its financial results for the six months ending Sept. 30, reporting strong growth across key metrics and operational milestones.
The lender’s loan portfolio grew to $2.3 billion, a 14% increase compared to the prior corresponding period. Loan originations edged up slightly to $627 million, representing a 0.4% increase, while half-year revenue surged 28% to $124.2 million.
Plenti reported robust credit performance, with a net loss rate of 1.11% and a 90-plus days arrears rate of 0.50% at the period’s close. Cash net profit after tax climbed significantly to $5.5 million, up 260% from the same period last year.
The lender reduced its cost-to-income ratio to 24%, down from 29% in the prior corresponding period, reflecting the scalability of its technology-led business model. During the period, Plenti launched a loan subvention offer in partnership with electric vehicle manufacturer Tesla. Leveraging its proprietary technology platform, the company implemented the solution within three weeks.
Plenti also executed enhancements to its technology platform to improve customer experience and platform scalability. On the funding front, the company completed a $458 million automotive asset-backed securities (ABS) transaction and, post-period, a $330 million personal loan and green ABS transaction. This brought Plenti’s total ABS issuance to over $2.8 billion.
Key strategic initiatives included the rollout of the “NAB powered by Plenti” car and EV loan to National Australia Bank customers after a successful pilot with NAB employees. Additionally, Plenti secured up to $60 million in discounted renewable energy funding from the Clean Energy Finance Corporation under its $1 billion Household Energy Upgrades Fund. Plenti’s renewable energy lending business also saw continued momentum, with 29% of loans during the period including a battery component, supported by the company’s GreenConnect platform.
“Having joined the Plenti business in July this year, I’m extremely excited by the capabilities the business has and the opportunity that this presents,” said Adam Bennett (pictured above), chief executive of Plenti. “In particular, I’m delighted by the quality of our people, our proprietary technology and our ability to partner with others to address customers’ borrowing needs.
“The 1H25 results reflect the great work of the team leveraging these capabilities to deliver strong operating and financial results. I’m looking forward to continuing to grow the business through disciplined execution of our priority opportunities.”
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