Grenke’s leasing business saw a 17.1% year-on-year increase in new business volumes, according to the group’s 2016 full-year results.

The German lessor reported €1.59bn (£1.36bn) in new business volumes during 2016, up from €1.36bn for the full year of 2015.

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Grenke performed better internationally, with new leasing business outside of Germany accounting for €1.18bn versus €379.7m for the domestic market.

The largest growth was in Southern Europe, which saw new leasing business increase 27.6% to €443.6m year-on-year.

The contribution margin on Grenke’s new leasing business increased by 8.3% over 2016 to €265.9m, largely driven by international earnings of €211.5m.

Western Europe, excluding Germany, saw the largest contribution margin of any other region, rising 15.6% to €81.1m.

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Grenke saw a 14.9% increase in the number of new lease contracts to 182,655 for the full year of 2016, with the share of IT products in the lease portfolio falling by 3.7%, though still making up a large majority at 78%.

Grenke’s factoring arm saw new business rise 9.7% year on year to €356.2m, with the international share of this business declining by 6.4%. Overall, Grenke’s consolidated group profit increased by 27.7% to €103.2m.

Sebastian Hirsch, member of the board of directors at Grenke AG, said that the group expected to further increase its leasing and factoring products internationally.

Hirsch said: “We see our international presence as a key success factor. We also plan to gain a foothold in Australia with our leasing products and roll out our factoring offers in Italy.”