PLT record loan quarter +48%!

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    Oct 2 - Plenti Group PLT

    RECORD LOAN ORIGINATIONS OF $106.9 MILLION FOR QUARTER, UP +48%
    TOTAL LOAN PORTFOLIO INCREASED TO ABOUT $434 MILLION AS AT 30 SEPTEMBER '20

    With their initial ipo PLT raised $55M (33million shares @ $1.66) and today's sp is heavily discounted at only $1.23 (Car Sales became a substantial holder this past week). Top 20 hold about 71% of shares on issue.

    In light of easing of lending criteria (as recently announced by Federal Govt) think this may be worth a punt imo leading into their half yearly report due in November '20.

    https://www.plenti.com.au/

    https://www.marketindex.com.au/asx/plt

    DYOR .. Cheers tela

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    The Plenti Group (ASX: PLT) share price has been a positive performer on Friday morning.

    At the time of writing the technology-led consumer lending and investment company’s shares are up over 3% to $1.23.

    Why is the Plenti share price pushing higher?
    Investors have been buying Plenti’s shares following the release of an update on its performance during the second quarter of FY 2021.

    According to the release, Plenti achieved record loan originations of $106.9 million during the second quarter. This was a 48% increase compared to the prior corresponding period and 11% above its prospectus forecast.

    This also marked the first quarter of loan originations exceeding $100 million and was underpinned by three consecutive record months.

    At the end of the quarter, Plenti’s total loan portfolio increased to approximately $434 million. This was also ahead of its prospectus forecast of $426 million.

    Another big positive was that the company’s loan portfolio continues to demonstrate strong credit performance. Management notes that it has low credit losses, with a reduction in both 90+ day arrears and number of borrowers in loan deferral.

    “An outstanding result.”
    Plenti’s Chief Executive Officer, Daniel Foggo,

    said: “Delivering three consecutive months of record loan originations and exceeding our prospectus forecast is an outstanding result for Plenti.

    With this momentum, our focus remains on the development of market-leading and innovative products and building scale in each of our large lending markets.”

    “Plenti was founded on a belief that by building a lending business with technology at its core we could offer customers better value and service than traditional lenders and build a business of serious scale.

    We are delivering on that promise and our growth is testament to that central focus on technology and our customer,” he added.

    Plenti will release its first half results for FY 2021 in mid-November.

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    One company which appears to have faith in the Plenti business model PLT is auto listings giant Carsales.Com Ltd (ASX: CAR).

    It owns 16,085,286 shares in PLT, which is the equivalent of a 9.53% stake.

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    Nice to see 404k buy order bid @ $1.15 confirms what I'd suspected that 'strong buying' support around at these cheap level's (thanks to Trump covid-19 scare 'sell off' late Friday arvo).

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    From Carsales website

    "We think it's an important part of the future of finance, so earlier this year Stratton Finance and carsales took a 20% combined equity stake in Plenti Group PLT.

    As one of the most innovative lending platforms in Australia, we're now proud to introduce Plenti as Stratton Finance's peer-to-peer lending partner.

    Also reported today:

    Used car prices continue to soar as commuters shun public transport, fearing COVID-19 contagion.

    According to data analytics firm Datium Insights, used motor vehicle prices rose by 4.4 per cent last week after increasing by 2.1 per cent in the previous week.

    “Demand for second hand cars remains firm during the pandemic with Aussies preferring to drive their own cars rather than catch public transport due to health concerns,” CommSec chief economist Craig James said.

    “New vehicle sales are expected to lift later this year and through 2021 with further easing of domestic travel restrictions,” Mr James said.

    “With foreign travel out of the question for now, consumers will favour purchases such as cars as well as lifting travel to regional holiday spots.”

    Above seems to be a win-win scenario for both CAR & PLT shareholders combined imo

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    That's a ridiculous amount of money! I can't understand where they get such needs where it's essential to have more than $100 million. What is that for?
    If I took a loan, the amounts were small because I understand how these companies work. The interest rate can stifle in any case, so you should be careful and careful with it.
    Personally, https://www.yhdistalaina.com/yhdistelylaina-kokemuksia/ is more practical and effective in this matter, so I can advise using and those who need quick money.

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