Grenke Group has increased its profits by 28.8% compared to the same point in 2015, according to a report on their results. The group saw consolidated net profit of €49.6m in the year to 30 June, up from €38.5m in 2015.

Net interest income also increased, rising 16% to €106m in H1 2016, compared to €91.4m the previous year. These results led to a revision of Grenke Group’s net profit forecast, rising to between €98m and €102m from a range of €93m to €98m.

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According to the report, the increase in earnings is due directly to the 1.9% decline in expenses for claims settlement and risk provision, in addition to an improved cost-income ratio.

The group’s equity ratio remained static from 31 December 2015, at 16.7%, above the minimum long-term target of 16%.

Grenke Leasing saw a 19.6% increase in new business compared with H1 2015. Grenke Factoring saw new business increase by 10.3%, while Grenke Bank saw deposits rise 23.4% from H1 2015, to a value of €385.7m.

Wolfgang Grenke, chairman of the board of directors, Grenke AG, said: “Going forward, we will continue to follow our proven and successful business strategy. For the second half of 2016, we plan to complete additional cell divisions in established markets and intend to enter the Polish market with our factoring products.”

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Jörg Eicker, chief financial officer, Grenke AG, said: “Regional growth and the diversification of our product range are integral components of our growth strategy. Grenke Bank plays an important role in this regard because it offers attractive products such as business start-up financing,”

“These activities position us as a solid financing partner for small and medium sized companies.”