German financing company Grenke Group has reported strong growth in its international leasing business in the first quarter.
Profitability of new business in Grenke’s leasing division was 14.3% for the first quarter of this year.
Total new business, including income from franchise partners and factoring, was worth €191.9m, up 27.8% from the same period a year earlier.
The majority of new business (61%) came from outside Germany, with strong growth in France, Italy and the UK, Grenke said.
The company said it was confident of achieving its target of 20% growth in new business for 2011.
“We benefit from the various prospects offered by different European countries and we concentrate primarily on those regions with below-average competitive intensity,” said Wolfgang Grenke, chairman of the board of directors of Grenkeleasing.
“Therefore, profitable growth opportunities will present themselves for the Grenke Group with continued cautious risk management in the individual markets.”