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Updates
12 Oct 2020
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4 minute read

Provision Fund and Loan Book Update: Q2 FY21

Explore our quarterly report in relation to the Plenti Lending Platform (PLP) loan book and the performance of the provision fund.

We are pleased to provide a quarterly data report in relation to the Plenti Lending Platform (PLP) loan book. The PLP is a registered managed investment scheme with over 20,000 members (who are predominantly retail investors) and is one of the diverse funding platforms utilised by Plenti to originate loans.

The data in this post is intended to provide members who invest via the PLP with transparency as to the credit characteristics of the PLP loan book and information in relation to the Provision Fund. Shareholders in Plenti Group Limited should be aware that the data provided only relates to the PLP and does not provide a complete picture of Plenti's total loan portfolio. In particular, it does not include data on loans funded via warehouse structures and the Plenti Wholesale Lending Platform.

Provision Fund coverage ratio

Throughout the COVID-19 period, we have sought to keep investors updated on our credit performance and our expectations regarding the Provision Fund's ability to protect investors from loss.

The Provision Fund buffer has increased to $18.82 million as at 30 September 2020. Accordingly, the Provision Fund coverage ratio has now also increased to ~157% of expected credit losses.

We are pleased that despite the significant economic disruption caused by COVID-19, the Provision Fund has continued to compensate investors for all borrower late payments and defaults and the Provision Fund coverage ratio remains above 100%.

Note that the Provision Fund is not an insurance product nor a guarantee. You should read the PDS for more information about the Provision Fund.

Provision Fund and expected loss data as at 30 September 2020

Cash in Provision Fund1$12,507,505
Expected Provision Fund inflows2 $6,313,860
Provision Fund buffer3$18,821,365
Estimated Provision Fund coverage ratio4157%
Claims made on Provision Fund to date100% of late payments and defaults
Claims paid by Provision Fund to date100% of total claim value

PLP lending statistics as at 30 September 2020

Total amount lent5$740,194,498
Total principal repaid$452,481,038
PLP loan book$287,713,460
Number of loans outstanding24,988
Average outstanding loan amount$11,514
Weighted average remaining term43 months
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Important information*

This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of Plenti as at the date of publication and may later change without notice.

Acknowledgement of Country

Plenti respects and honours Aboriginal and Torres Strait Islander Elders past, present and future. We acknowledge the stories, traditions and living cultures of Aboriginal and Torres Strait Islander peoples on this land and commit to building a brighter future together.

We recognise the Gadigal people of the Eora Nation, who are the traditional custodians of the land on which Plenti’s Sydney office stands, and the Kaurna people as the traditional owners of the Country where our Adelaide team is located.