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, appeared to be delighted with its performance during the second quarter.
He 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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More reading
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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