Plenti (ASX:PLT) doubles loan book; how are shares performing?

Image Source: © Laviana | Megapixl.com

Highlights

  • Plenti Group on Wednesday provided a trading update for the quarter ended 31 March 2022.

  • Plenti has seen record loan originations in the March quarter.

  • Plenti also said that it plans to release its full-year results on 18 May 2022.


Plenti Group Ltd (ASX:PLT) on Wednesday provided a trading update for the quarter ended 31 March 2022 (Q4 FY22). The personal lender expects to report a net profit for the financial year 2022. However, the company didn’t share any specific guidance in terms of net profit.

According to the latest update, Plenti has seen record loan originations in the March quarter. The company reported loan originations of AU$321.9 million, up 87% on the prior corresponding period.

The company has racked up a loan portfolio of AU$1.3 billion, as of 31 March 2022. The amount is more than double the prior corresponding period (pcp) and 17% above the previous quarter.

Meanwhile, the stock of the company was trading at AU$0.90, up 1.705 at 10:10 AM (AEST). The stock is down nearly 32% on a year-to-date (YTD) basis. In the past year, the stock has fallen over 21%. The share price has declined 12% in the past month, while in the last five days, the stock is down over 0.5%. The stock’s 52-week high and low stand at AU$1.69 and AU$0.85, respectively.

Plenti Group is a technology-driven company engaged in consumer lending and investment business. The lender provides borrowers with loans, which are provided using simple digital experiences.

What did the company say?

The company’s management was upbeat about the record quarter. Commenting on the latest update, Daniel Foggo, Plenti’s Chief Executive Officer (CEO), said: “Plenti has delivered another outstanding quarter, achieving record loan originations, driving substantial loan portfolio growth, reaching significant funding milestones, and upgrading its guidance to reflect Cash NPAT profitability for the year.”

“We are excited about the year ahead, with our team focused on leveraging our proprietary technology to execute our program of product innovation and efficiency initiatives, whilst continuing to profitably take market share in each of our three key lending verticals,” Foggo added.

Plenti plans to release its full-year results on 18 May 2022.

Meanwhile, Plenti has also entered into a corporate debt facility agreement with an Australian funder (as per 18 March’s announcement) to provide capital to support its ongoing business growth.

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