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”.

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By GlobalData

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