Plenti (PLT) record 3rd quarter numbers
The consumer lending business Plenti announced record quarterly numbers for the first 3 months of the year. With $172.4m loan originations in the quarter, it topped 120% growth on 2Q20, and 32% better than the 2 quarter of the year. Around half of the companies originations fall in auto lending, while around a third is personal and the remainder lending against renewable purchases such a solar panels. 90+ day losses fell marginally in the period, down to a slim 0.31%, largely thanks to continued stimulus supporting borrowers.
The update provides a good read through for Wizr (WZR) which we hold in the Emerging Companies portfolio. Wizr has been outperforming peers Plenti (PLT) and Harmony (HMY) over the last few months though performance of the smaller lenders has been weak against a strong market. The space continues to see a structural tailwind with consumers looking outside of the big banks for their credit.
