German leasing group Grenke has reported a strong growth in net profit for the first nine months of 2013 despite a significant rise in expenses.
Net profit at the business rose 16% to 35.1m, due in part to an increase in operating income of 20%.
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The group said the increase in profits was helped by a stable contribution margin, or fixed cost base, and a low refinancing rate over the last three months.
Loss provision, however, rose 13% across the group in the first nine months increasing from 32.5m in 2012 to 36.8m to the end of September 2013 which reflected the company’s overall estimates as it expanded the business.
This left the income across the group at 59.6m, up 23% from 48m reported in the nine months to September 2012.
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