Announcement PDF 28 November 2023 ASX RELEASE FY24 Half Year Results Plenti Group Limited (ASX:PLT) provides the attached FY24 Half Year Results (incorporating Appendix 4D). Authorised for release by the Board of Plenti Group Limited. For more information please contact: Daniel Foggo Chief Executive Officer shareholders@plenti.com.au Miles Drury Chief Financial Officer shareholders@plenti.com.au About Plenti Plenti is a fintech lender. We provide faster, fairer loans by leveraging our smart technology. We offer award-winning automotive, renewable energy and personal loans, delivered by our proprietary technology, to help creditworthy borrowers bring their big ideas to life. Since our establishment in 2014, our loan originations have grown consistently, supported by diversified loan products, distribution channels and funding, and underpinned by our exceptional credit performance and continual innovation. For more information visit plenti.com.au/shareholders. Plenti 1 Plenti Group Limited Appendix 4D - Half-year report Company details Name of entity: ABN: Reporting period: Previous period: Plenti Group Limited 11 643 435 492 For the half-year ended 30 September 2023 For the half-year ended 30 September 2022 Results for announcement to the market PCP Revenues from ordinary activities $'000 Up 51.8% to 96,781 Profit from ordinary activities after tax attributable to the owners of Plenti Group Limited Down 75.7% to 628 Profit for the half-year attributable to the owners of Plenti Group Limited Down 75.7% to 628 Dividends There were no dividends paid, recommended or declared during the half-year ended 30 September 2023. Comments The profit for the Group after providing for income tax amounted to $628,000 (30 September 2022: $2,585,000), a decrease of $1,957,000 on the prior comparative period. Net tangible assets Net tangible assets per ordinary security Reporting period Cents Previous period Cents 32.00 26.45 The increase in the net tangible assets per ordinary security is driven primarily by an increase in net assets due to higher derivative financial assets at the end of the period. Control gained over entities None during the period. Loss of control over entities None during the period. plenti.com.au Details of associates and joint venture entities Not applicable. Audit review The financial statements were subject to a review by the auditors and the review report is included as part of the 30 September 2023 interim financial report. Other information This information should be read in conjunction with Plenti's 2023 Annual Report. plenti.com.au Plenti Group Limited Interim Report - 30 September 2023 ABN 11 643 435 492 plenti.com.au Contents Corporate directory 3 Directors' report 4 Auditor's independence declaration 14 Statement of profit or loss and other comprehensive income 15 Statement of financial position 17 Statement of changes in equity 18 Statement of cash flows 19 Notes to the financial statements 20 Directors' declaration 32 Independent auditor's review report to the members of Plenti Group Limited 33 General information The financial statements cover Plenti Group Limited as a Group, consisting of Plenti Group Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Plenti Group Limited's functional and presentation currency. Plenti Group Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 5 14 Martin Place Sydney NSW 2000 A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 November 2023. Plenti Group Limited ABN 11 643 435 492 2 Corporate directory Directors Mary Ploughman (Chairman) Daniel Foggo Susan Forrester AM Peter Behrens Stephen Benton Company secretary Georgina Koch Registered office and principal place of business Level 5 14 Martin Place Sydney NSW 2000 Share register Automic Pty Limited Level 5 126 Phillip Street Sydney NSW 2000 Auditor Grant Thornton Audit Pty Ltd Level 17 383 Kent Street Sydney NSW 2000 Stock exchange listing Plenti Group Limited shares are listed on the Australian Securities Exchange (ASX code: PLT) Website www.plenti.com.au Corporate Governance Statement www.plenti.com.au/corporate-governance Plenti Group Limited ABN 11 643 435 492 3 Directors' report The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Plenti Group Limited (referred to hereafter as the 'Company', 'Plenti' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 30 September 2023. Directors The following persons were directors of Plenti Group Limited during the financial half-year and up to the date of this report, unless otherwise stated: • • • • • Mary Ploughman (Chairman) Daniel Foggo Susan Forrester AM Peter Behrens Stephen Benton Principal activities Plenti is a fintech lending and investment business which provides faster, fairer loans through leveraging its innovative technology. Plenti provides automotive, renewable energy and personal loans, and is focused lending to borrowers with a strong credit profile. Additionally, Plenti seeks to provide retail investors with attractive, stable returns via its innovative lending marketplace. During the financial half-year, the principal activities continued to be the provision of automotive, renewable energy and personal loans, the operation of schemes to facilitate investment opportunities for investors (through the Plenti Lending Platform and Plenti Wholesale Lending Platform) and the funding of loans via the Group's warehouse and ABS securitisation programs. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Review of operations During the half-year ended 30 September 2023, Plenti continued to deliver strong operational and financial results including: • • • • • • Increased revenue to $97 million, up 52% on the prior comparative period (pcp) Delivered Cash NPAT of $1.5 million, up 10% on pcp Originated $624 million of new loans, up 12% on pcp Grew closing loan portfolio to $1.99 billion, up 29% on pcp Demonstrated ongoing strength in credit performance with net realised losses of 0.99% and period end 90+ day arrears at 45bps; and Completed another asset-backed securities (ABS) issuance, for $406 million, with lifetime Plenti ABS issuance now over $1.7 billion. For the half-year ended 30 September 2023, the Group reported Cash NPAT, the Group's preferred measure of earnings, of $1,522,000 (2022: $1,381,000). Plenti Group Limited ABN 11 643 435 492 4 On a statutory basis, the Group reported net profit after tax of $628,000 (2022: $2,585,000), a $1,957,000 reduction on the pcp. Basic earnings per share (EPS) were 0.37 cents on a statutory basis, a 1.15 cents reduction on the prior half-year, in which basic EPS was 1.52 cents. The reduction in statutory profit was primarily due to a lower income tax benefit of $3,151,000 (2022: $7,568,000) being recognised in relation to hedging gains on interest rate swaps. The table below sets out the financial results for the half-year compared to the pcp. September 2023 $'000 September 2022 $'000 Change $'000 Change % 95,929 63,151 32,778 52% 852 599 253 42% Total revenue before transaction costs 96,781 63,750 33,031 52% Transaction costs (11,004) (8,726) (2,278) 26% Loan funding costs (47,336) (25,678) (21,658) 84% Expense passed to unitholders (165) (33) (132) 400% Loan impairment expense Realised impairment losses ECL movement (9,340) (1,345) (4,487) (4,183) (4,853) 2,838 108% (68%) Sales and marketing expense (6,947) (6,004) (943) 16% Product development expense (6,002) (5,066) (936) 18% General and administrative expense Operations Business overhead (6,969) (7,917) (5,966) (6,949) (1,003) (968) 17% 14% Corporate funding costs (1,513) (941) (572) 61% Depreciation and amortisation (766) (700) (66) 9% (99,304) (68,733) (30,571) 44% Income tax benefit 3,151 7,568 (4,417) (58%) Net profit after income tax expense 628 2,585 (1,957) (76%) Cash NPAT 1,522 1,381 141 10% Interest revenue Other income Total expenses Notes: 1. A reconciliation of the Net profit after income tax expense to Cash NPAT is set out on page 12. Total revenue before transaction costs increased 52% in the half-year. Interest revenue growth was driven by the increase in the size of the Group's loan portfolio and higher average customer interest rates on loans. The average loan portfolio for the period increased 32%. Transaction costs increased 26% reflecting continued growth in the loan portfolio, especially Automotive loans, which typically carry higher commission rates. Loan funding costs increased by 84% as a result of higher borrowings to fund loan portfolio growth as well as an increase in market interest rates since the prior half. Realised impairment losses increased 108%, reflecting the larger loan portfolio as well as a return to loss rates more in line with historical norms. Through 2021 and 2022, credit losses in Australia had reduced to historically low levels due to, amongst other reasons, COVID related Government stimulus measures and historically low market interest rates. As some of these factors have dissipated or unwound, there has been a general increase in credit loss rates across Australian loan markets. Plenti Group Limited ABN 11 643 435 492 5 Sales and marketing expense increased 16% to $6.9 million, reflecting salary increases and higher digital loan acquisition spend. Product development expense increased 18% to $6.0 million as Plenti continued to invest in its technology platform and technology team. General and administrative (operations) expenses increased 17% driven by higher origination volumes and supporting a substantially larger loan portfolio. General and administrative (business overheads) increased 14%. Corporate funding costs include the interest expense paid/payable on Group corporate borrowings and interest expense on the Group's leased assets under AASB 16 Leases. Corporate funding costs have increased 61%, driven by higher average borrowings in the period as well as the increase in market interest rates. The income tax benefit of $3.2 million reflects the recognition of some of the Group's carried-forward tax losses to offset a deferred tax liability in relation to hedging gains on interest rate swaps that are hedge accounted for in other comprehensive income (i.e. the hedging gains are not reflected in net loss before income tax). Given that the hedging gains should reduce to close to zero over the life of the hedge, the recognised tax benefit should be viewed as a timing difference as it will unwind over the life of the swaps. September 2023 September 2022 Change % Originations ($'000) 624,054 558,194 12% Loan portfolio (half-year end) ($'000) 1,992,368 1,547,599 29% Loan portfolio (six month average) ($'000) 1,885,511 1,427,003 32% Number of originations 24,265 20,982 16% Average value of loan originations 25,718 26,603 (3%) Loan originations and portfolio Average monthly amortisation rate (%) 3.5 3.6 (3%) Average term of originations (months) 64.4 64.6 (0.3%) Loan originations of $624 million for the half-year, an increase of 12% on pcp, was a good result in the context of the market environment, where Plenti focused on balancing loan origination levels with the economics it could achieve on new loans. The loan portfolio grew to $1,992 million at 30 September 2023, representing a 29% increase on the prior comparative period. The average loan portfolio in the period was $1,886 million, up 32% on pcp. The average loan amortisation rate (rate at which loans pay back) reduced marginally to 3.5% as did the average term of new loans originated. Loan originations by channel Automotive loan originations ($'000) September 2023 September 2022 Change % 327,642 302,343 8% Renewable loan originations ($'000) 76,264 52,617 45% Personal loan originations ($'000) 220,148 203,234 8% Automotive loan originations increased 8% over the pcp. Growth was supported by an increase in Commercial automotive lending which grew 74% on pcp, with particularly strong originations achieved in the June financial yearend period. Lending for electric vehicles (EVs) was broadly flat on the prior half as more EV purchasers opted to take advantage of Government tax incentives which favour a novated lease finance structure over a traditional loan product. Renewable energy finance originations grew 45% on pcp. This growth was driven by the introduction of new installer partners and the adoption of Plenti's unique GreenConnect platform, which seeks to make it easier for partners to access offers from energy retailers and renewable equipment suppliers, supporting home battery uptake. Demand for finance to fund solar and battery installations was also supported by ongoing increases in energy costs for households, making renewable energy systems economically more attractive. Plenti Group Limited ABN 11 643 435 492 6 Personal loan originations increased 8% on pcp. Growth was supported by Plenti's direct to consumer lending which grew 40% over pcp, driven by improved execution and increased spend on digital loan acquisitions. Overall Personal lending growth was negatively impacted by refinements to credit appetite, as the Group focused on delivering stable credit outcomes. September 2023 September 2022 Average interest rate (%) 10.2 8.9 Average funding rate (%) 4.9 3.5 Net interest margin (%) 5.2 5.3 Transaction cost/average loan portfolio (%) 1.2 1.2 Funding debt (half-year end) ($'000) 2,024,996 1,570,997 Funding debt (six month average) ($'000) 1,916,544 1,472,060 Product margin and funding costs Interest revenue in the Group's financial statements represents interest and origination fees on loans funded by Plenti, treated under the effective interest rate method, as well as interest on cash deposits. The average interest rate is calculated by dividing interest revenue by the average loan portfolio for the half-year. The average interest rate increased to 10.2% up from 8.9% in the prior comparative period, driven by the increase in customer rates on new loan originations as the Group responded to higher funder costs. Average funding costs increased to 4.9% up from 3.5% in the prior comparative period. As a result of the above changes, net interest margin reduced slightly from 5.3% to 5.2%. Transaction costs as a percentage of the loan portfolio were also down slightly on the prior half, to 1.17% from 1.22%. September 2023 September 2022 Loan impairment - net charge off ($'000) 9,340 4,487 Loan impairment - provision movement ($'000) 1,345 4,183 Provision rate (%) 1.8 1.6 Net charge off to interest revenue (%) 9.7 7.1 0.99 0.63 Credit performance Net charge off to average loan portfolio (%) Net charge off to average loan portfolio increased from 0.63% in the prior half to 0.99%. The increase in the loss rate in the period reflected a return to more normal credit loss conditions across the market, noting that loss rates were at historically low levels throughout 2021 and 2022, supported by substantial Government stimulus payments, early access to superannuation, and high employment rates. Plenti has continued to invest in its collections capabilities to support loss recovery rates and also completed a sale of certain defaulted or written-off receivables in the half, which supported credit loss recoveries. The Group's expected credit loss (ECL) provision at 30 September 2023 was $35.6 million, representing 1.8% of the total loan portfolio. This compares with $24.3 million, or 1.6% of the loan portfolio, at 30 September 2022. The increase in the ECL provision rate is largely reflective of a higher proportion of loans moving into arrears buckets as the extremely benign credit conditions of the prior year have unwound. Plenti Group Limited ABN 11 643 435 492 7 Operating metrics Overall cost-to-income ratio1 September 2023 September 2022 28.8% 37.6% Sales and marketing expense to revenue ratio 7.2% 9.4% Product development expense to revenue ratio 6.2% 7.9% General and administrative expense to revenue ratio 15.4% 20.3% Overall cost-to-originations ratio 4.5% 4.3% Plenti's total operating cost-to-income ratio decreased to 28.8% in the half-year, from 37.6% in the pcp. The significant reduction was driven by increased revenue which grew 52% during the period, while operating costs only increased by 16%. This reflects the operating leverage that the Group has been able to achieve from a growing loan book and efficiencies generated by the investment in technology and operational improvements, as well as higher average customer interest rates. Sales and marketing expense increased to $6.9 million in the half-year, from $6.0 million in the pcp. The increase was driven by increased digital acquisition spend of $0.4 million and higher personnel costs, including due to salary increases at the start of the year. Product development expense was $6.0 million, an increase of 18% on the pcp. This was primarily driven by personnel costs due to salary increases at the start of the year and incremental headcount additions to the product and technology team. Software and hosting costs also increased due to a greater volume of transactions on loan portfolio growth and the weakening of the Australian dollar, with a number of technology costs being US dollar denominated. General and administrative expense (G&A) increased to $14.9 million, from $12.9 million in the pcp. Within this, G&A (operations) increased 17% to $7.0 million. This expense line includes loan origination processing, underwriting, settlement and ongoing loan servicing and therefore increases according to loan origination and portfolio growth. G&A (business overheads) increased 14% to $7.9 million. This expense line includes support functions and the executive team. The majority of the increase in costs for both operations and business overhead related to personnel costs, reflecting increased headcount with higher loan originations and a larger loan portfolio to manage and salary rate increases at the start of the current period. The cost-to-origination ratio increased slightly to 4.5% reflecting more moderate growth in originations on the prior period as the Group sought to balance growth in originations and margins and a higher cost base from managing a materially larger loan portfolio. The cost-to-income ratio is calculated as the sum of Sales and marketing, Product development and General and administrative expense divided by Total revenue before transaction costs. 1 Plenti Group Limited ABN 11 643 435 492 8 September 2023 $'000 March 2023 $'000 Change $'000 Change % 142,168 142,959 (791) (1%) Customer loans 1,932,464 1,714,833 217,631 13% Derivative assets 28,755 20,848 7,907 38% Other assets 33,138 31,438 1,700 5% Total assets 2,136,525 1,910,078 226,447 12% 5,763 4,957 806 16% 2,043,697 1,830,577 213,120 12% - 2,596 (2,596) (100%) Other liabilities 32,246 26,910 5,336 20% Total liabilities 2,081,706 1,865,040 216,666 12% 54,819 45,038 9,781 22% Balance sheet Assets Cash and cash equivalents Liabilities Trade payables Borrowings Derivative liabilities Net assets Cash and cash equivalents of $142.2 million is comprised of three components. Corporate cash of $40.1 million (31 March 2023: $27.8 million), Provision Fund cash of $12.8 million (31 March 2023: $13.7 million) and cash held in the warehouse and ABS facilities or the Plenti Lending Platforms of $89.3 million (31 March 2023: $101.5 million). The movement in Corporate cash primarily reflected an increase of $7.8 million in cash balances in customer collections accounts yet to be transferred to the Group's warehouses and ABS trusts (which is not available for general corporate purposes) and $5.0 million drawn from the Group's corporate debt facility. While the Group continued to invest cash in funding facilities as the loan portfolio grew, this was offset by cash released from funding facilities through the Group's capital recycling initiatives. Customer loans (net of deferred fees and ECL provision) increased 13% from 31 March 2023, driven by origination volumes of $624.1 million for the half-year. Gross customer loans outstanding were $1.99 billion at the half year end, with the value of deferred upfront fees of $24.3 million and the ECL provision value of $35.6 million being the items netted-off the value of customer loans in the balance sheet. Of the gross loan value, $1,136 million (31 March 2023: $998 million) related to automotive loans, $620 million (31 March 2023: $568 million) related to personal loans and $237 million (31 March 2023: $201 million) were renewable energy loans. Other assets is comprised of prepayments, capitalised rate commissions and securitisation establishment costs, trade receivables, PPE, right of use assets and other assets. The largest component relates to an increase in prepaid commission expenses in line with the growth in the loan portfolio. Derivative assets increased $7.9 million reflecting the mark-to-market value of interest rate swaps entered into by the Group. The increase in medium-term market interest rates in the period has resulted in an increase in the market value of the interest rate swaps. Trade payables represents the amount payable to creditors for the supply of goods and services that have been invoiced and are payable in accordance with the supplier's payment terms. Borrowings increased in line with the growth in customer loans. Refer below for further details on Plenti's funding sources. Other liabilities represents lease and other liabilities, provisions and accruals. The increase is mainly due to timing of funds received in the customer collection accounts which are yet to be allocated and increases in payroll liabilities. Plenti Group Limited ABN 11 643 435 492 9 Borrowings Plenti Lending Platform Wholesale Lending Platform Warehouse facilities and ABS Trust September 2023 $'000 March 2023 $'000 Change $'000 Change % 190,869 200,026 (9,157) (5%) 14,270 19,485 (5,215) (27%) 1,767,938 1,556,428 211,510 14% Corporate borrowings 27,500 22,500 5,000 22% Risk retention facilities 40,583 29,774 10,809 36% Auto overdraft facility 2,537 2,364 173 7% 2,043,697 1,830,577 213,120 12% Total borrowings Plenti benefits from having established several loan funding sources. At the end of the period, warehouses and ABS trusts represented $1.8 billion of funding, while the investor lending platforms represented $205 million of loan funding. Corporate debt provided a further $27.5 million of funding for the business. The risk retention facilities, which are wholly owned by the Group, borrow funds from third party funders to acquire notes in the ABS trusts, with repayment of the notes backed by the Group. This allows the Group to meet European requirements for ABS issuers to retain minimum economic exposure levels to transactions they undertake. The increase in risk retention facility balances was due to the addition of the Auto ABS Trust 2023-1 issuance during the period. At 30 September 2023, the Group had a total of $51.5 million (31 March 2023: $41.5 million) invested in subordinated notes in warehouse and ABS structures. This value is not shown on the face of the balance sheet as it is eliminated in the consolidated Group accounts. Of the $51.5 million notes held, $13.7 million of ABS subordinated notes are held against loans in the Notes Market on the Plenti Lending Platform and when the relevant ABS transaction is called, the proceeds received on the relevant notes will be used to repay the Plenti Lending Platform investors. The value of loans funded by the Plenti Lending Platform and the Plenti Wholesale Lending Platform decreased during the year by 5% and 27% respectively. Cash flow Interest income received September 2023 September 2022 $'000 $'000 Change $'000 Change % 104,343 68,694 35,649 52% 852 599 253 42% Interest and other finance costs paid (49,097) (25,773) (23,324) 90% Payments to suppliers and employees (38,116) (36,970) (1,146) 3% Cash flows from operating activities 17,982 6,550 11,432 (231,372) (248,577) 17,205 (243) (84) (159) 189% - (183) 183 (100%) Cash flows used in investing activities (231,615) (248,844) 17,229 Proceeds from borrowings 879,676 867,704 11,972 1% Repayment of borrowings (671,330) (675,473) 4,143 (1%) Proceeds from corporate borrowings 5,000 4,500 500 11% Repayment of lease liabilities (504) (438) (66) 15% 212,842 196,293 16,549 (791) (46,001) 45,210 Other income Net increase in loans to customers Other investing activities Repayment of term deposits Cash flows from financing activities Net decrease in cash Plenti Group Limited ABN 11 643 435 492 (7%) 10 September 2023 September 2022 $'000 $'000 Change $'000 Change % Reconciliation of net profit/(loss) after tax to cash flow from operating activities: Net profit after tax 628 2,585 (1,957) (76%) Add back: loan impairment expense 10,685 8,670 2,015 23% Add back: share-based payments 1,802 1,442 359 25% Add back: depreciation and amortisation 766 700 66 9% (3,151) (7,568) 4,417 (58%) Add back: tax benefit on unrealised hedging gain Add back: other non-cash items 133 184 (51) (28%) Movement in working capital 7,119 537 6,583 1,226% 17,982 6,550 11,432 Cash flow from operating activities Total statutory cash flow from operating activities in the period was $18.0 million (1H23: $6.6 million). The Group cash flow position includes cashflows in relation to the Provision Fund, which was $0.7 million (1H23: $1.4 million) in the period. Cash inflow from operating activities for the Group excluding the Provision Fund was $17.3 million (1H23: $5.2 million). Net cash inflow from operating activities excluding the Provision Fund cash flows improved by $12.1 million. This was largely driven by the increase in income received due to the significant growth in the Group's loan portfolio, while costs, including funding costs and operating costs, did not increase to the same extent. The increase in payments to suppliers reflects the increase in personnel costs, digital acquisition spend and information technology costs. This is partially offset by a reduction in broker commission payments as a result of commission rates changes implemented in 2H23. Net cash outflow from investing activities was $231.6 million (1H23: $248.8 million) reflecting the growth in the loan portfolio during the half-year. Net cash inflow from financing activities increased to $212.8 million (1H23: $196.3 million), due to increased funding from the securitisation vehicles. The material reconciling items between the Group operating cash flow (excluding the Provision Fund) of $17.3 million and the movement in Corporate cash of $12.3 million are: • • • • • • $(9.6) million of merchant service fees on interest free loans which are reflected on a gross basis in the statutory cash flow as operating cash flow but which are operationally netted off against the amount borrowed from the warehouse to fund the loan with the cash benefit being received through the life of the loan $(8.6) million of realised losses which are deducted from the Group's warehouse and ABS trusts distribution payments $7.8 million increase in customer collections that are yet to be transferred to the Group's warehouse and ABS trusts $(10.0) million of cash invested in equity tranches in the Group's warehouse and ABS structures $9.2 million released from existing funding facility structures following completion of the ABS transaction or via the Notes Market; and $5.0 million of funds drawn down from the Group's corporate debt facility The customer collections account value was elevated in the period due to 30 September falling on a weekend which resulted in higher collections on the last Friday of the month. The funds in the customer collection accounts are not available for general corporate purposes and hence the "underlying" movement in Corporate cash was an increase of $4.5 million. Plenti Group Limited ABN 11 643 435 492 11 September 2023 $'000 September 2022 $'000 628 2,585 ECL provision (net of ECL provision expense passed to unitholders) 1,477 4,222 Share based payments 1,802 1,442 Depreciation and amortisation 766 700 Tax benefit on hedging gains (3,151) (7,568) Cash NPAT 1,522 1,381 Net profit after income tax to Cash NPAT reconciliation Net profit after income tax Add back: Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the financial half-year. Matters subsequent to the end of the financial half-year On 19 October 2023, the Group increased the Plenti Funding Trust No.2 funding limit from $400 million to $500 million providing further funding capacity to increase its Personal loans and Renewables lending. On 31 October 2023, the Group extended the availability period for the Plenti Funding Trust No.3 to December 2024 and increased the funding limit from $250 million to $311 million, providing further funding capacity for Automotive and EV lending growth. On 24 November 2023, the Group e