Plenti Group doubles cash NPAT to $13.8M as loan portfolio hits $2.5B

Plenti Group (ASX:PLT) has reported a 126% year-on-year increase in cash net profit after tax, reaching $13.8 million for the fiscal year ended March 31.

Statutory profit came in at $24.7 million, with underlying profit at $6.4 million.

The strong result was driven by a 19% increase in the loan portfolio to $2.5 billion and an 18% lift in loan originations to $1.4 billion.

Revenue climbed 23% to $259 million, underpinned by higher borrower rates and increased origination volumes.

Plenti continued to benefit from its technology-led model, reducing its cost-to-income ratio to 23.9% from 26.5% in the prior comparable period, while maintaining a strong net interest margin of 5.31%.

Credit performance remained robust, with net losses at 1.10% and 90+ day arrears falling to 0.43%.

Strategically, the company launched its "NAB powered by Plenti" car loan, saw strong uptake of a Tesla loan subvention program, and secured $60 million in discounted renewable energy funding from the Clean Energy Finance Corporation.

CEO Adam Bennett, who succeeded co-founder Daniel Foggo during the year, highlighted Plenti's ongoing scale-up and ambitions to reach a $3 billion loan book by March 2026.

The company also completed $1.3 billion in asset-backed securitisations.