Grenke Group Leasing saw a 16.8% year-on-year increase in new business volumes, according to the group’s Q3 results.

The German lessor reported €1.1bn (£990m) in new business volumes during the first nine months of 2016, up from €961.1m from the same period last year.

The leasing arm performed strongest internationally, with Germany accounting for only 3.2% of new business volumes compared to 18.4 in France and 33% in Italy.

Grenke Group Leasing opened three locations in the third quarter of 2016 in the Wallonia region of Belgium, Katowice in Poland, and Bilbao in northern Spain.

Though Grenke’s leasing business grew, contribution margin 1 of the leasing segment fell from 13.8% in the first nine months of 2015 to 13% this year. The CM2 margin composed 17.1% over the same period, down from 18.5% in 2015.

The group attributes the fall in the margin to a change in calculation method, as well as an increase in sales activities geared towards high growth in individual markets.

Grenke Group Leasing had an application to contract conversion rate of 46% overall, with 45% internationally, and 50% in the German market.

Over the entire business, Grenke Group saw new business volumes rise 15.7% to €1.4bn year on year.

Overall, new business volumes were driven mostly by international operations which accounted for 72.9%, up from 71.4% in the first nine months of 2015.

Grenke Group Factoring increased new business by 10.6% to €254.5m; a result which the group says was below expectations.

Grenke Bank’s business start-up financing and microcredit business experienced year-on-year growth of 25.6% for a total volume of €18m.