The Grenke Leasing Group has announced a new business volume of €325.6 million for the first six months of 2010, some 42.5 percent greater than 2009’s corresponding H1 volume of €228.5 million.
Based on the strong result, the group has revised its new business target upward, hoping to achieve a 20 percent increase on 2009’s total. High demand for lease finance and low levels of competition were listed as drivers for growth at present.
Making this expansion possible has been Grenke’s continued acquisition of funding, despite the shortage of refinancing opportunities afflicting the German leasing sector. In June, the group successfully placed a €100 million bond, which was subsequently oversubscribed by 20 percent.
Another factor in Grenke’s half year result has been the increasing importance of the group’s international business – while business written outside of Germany made up only 46.8 percent of volumes in H1 2009, this figure now stands at 59.4 percent.
Grenke’s biggest foreign markets are Italy, France and England, while Q2 saw it establish a fourth office in Italy and a second in its new Portugese franchise.