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July 29, 2010updated 12 Apr 2017 4:21pm

GRENKE opens third UK office

Germanys GRENKE Group reported a higher net interest income and a tangible decrease in losses in the second quarter of 2010, following a growth of its international business The company recorded a net interest income of 19.5m for the second quarter of 2010 a 10 percent increase from Q2 2009

By Antonio Fabrizio

Germany’s GRENKE Group has just opened a third UK office in Bristol, as part of an international programme of expansion encompassing 14 European countries.

The lessor, which recently launched branches in Northern Ireland and Luxembourg, said that its international business now represents almost 60 percent of the group’s new business.

Dr. Uwe Hack, deputy chairman of the board of directors of GRENKELEASING AG, said: “Our early and rapid expansion in Europe is now fully paying off. We can grow where there are the best market prospects for volumes and margins and are becoming ever more independent of our domestic market of Germany.

“We are anticipating further strong new business in the second half of the year and have therefore raised our forecast for fiscal 2010 with the publication of our new business figures.”

The company recorded a net interest income of €19.5m for the second quarter of 2010 – a 10 percent increase from Q2 2009. The figure has now risen over the past three quarters by almost 5 percent each time.

The lessor attributed the positive performance to an increased contribution margin on new business, a “more relaxed risk situation overall” and “competitive refinancing conditions”.

The company said that while the loss rate is still above average, it has decreased “tangibly” compared to the first quarter – confirming the company’s expectation that it is “past the worst”.

Antonio Fabrizio

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