Plenti Group Limited reports strong 1H24 financial performance

Plenti Group Limited (ASX: PLT) has disclosed its 1H24 financial results, showcasing a robust performance across key metrics. The closing loan portfolio stands at AU$2.0 billion, marking a substantial 29% increase from the prior comparable period (PCP), with loan originations totaling AU$624 million, up 12% on PCP. The half-year revenue reached AU$97 million, reflecting a noteworthy 52% surge on PCP, while maintaining strong credit performance with a 0.99% net loss rate.

Plenti achieved a commendable 10% improvement in cash NPAT, totaling AU$1.5 million. Operationally, the company significantly reduced the cost-to-income ratio to 29% from 38% in PCP, showcasing the efficiency inherent in its technology-led business model. Strategic highlights include a post-period partnership with NAB, accelerating Plenti's scale and profitability ambitions. The company's retail investor platform's Notes Market continues to demonstrate value by offering a higher investment return option and diversifying ABS funding, emphasizing Plenti's financial strength and strategic foresight for sustained growth.

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