Grenke Group has reported net profit of €22.5m in the first quarter of 2016, up 22.4% year-on-year.

The group’s net interest income climbed 16.4% year-on-year to €51.8m in Q1 2016. The rise was attributed to higher interest income from the financing business and lower interest expenses on refinancing.

The expenses from interest on refinancing decreased by nearly 11% year-on-year to €11.4m.

In Q1 2016, the company employed 975 employees, 80 more than the first three months of 2015. In the first quarter of the year, Grenke Group acquired a business of its former franchisee in Turkey.

Wolfgang Grenke, chairman of the board of directors of Grenke Leasing said: "We were able to extend the prior year’s growth trend uninterrupted into the first quarter. As part of our expansion strategy, we acquired the business of our former franchisee in Turkey. We are thoroughly pleased with the results generated in the first quarter.

"Based on our active and risk-oriented margin management, we had a comparatively lower rise in expenses for the settlement of claims and risk provision, which contributed to our net profit of €22.5m. We are optimistic as to what lies ahead in the further course of the year and fully reconfirm our 2016 forecast for net profit in the range of €93-98m."

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Earlier this month, Grenke Leasing reported an 19.3% increase in new business for Q1 2016.