Record quarterly originations driven by strong broker flows and surging car loan demand have helped deliver the lender 135 per cent year-on-year growth.
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Rising car sales rev up Plenti loan originations
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A surge in loans for new cars and solar installations has sent Plenti to a record level of originations and revenue in its first full-year results as an ASX-listed personal lender.
Plenti, which competes with major banks in personal lending, said new loan originations rose 64 per cent to $470 million in the year ended March 31 and were headed towards $690 million for 2022. Its loan book rose 61 per cent to $615 million and will grow to $1 billion by March next year, the company said. Its share opened slightly lower after strong gains on Monday.
Plenti chief executive Daniel Foggo. “We are well positioned for continued growth in FY22.”