Grenkeleasing has recorded pre-tax earnings of €10.2 million in
the first quarter of 2009, a slight dip from the €11.2 million it
achieved the previous year.

The German lessor’s acquisition of the Hamburg-based private
bank Hesse Newman & Co AG last quarter had “no substantial
impact” on its operating income, the company said, which fell only
€600,000 year-on-year, to €22.8 million in the first quarter.

“We are very satisfied with the quarterly results achieved,”
said Uwe Hack, deputy chairman of the executive board of

“The high level of economic uncertainties, particularly with
regard to the liquidity supply to corporates and the future trend
in asset utilisation nevertheless represent significant challenges
for the coming quarters. Accordingly, our policy in underwriting
new business will deliberately remain subject to the principle of

Liquidity, however, rose to €112.9 million, a significant rise
from the €77 million the lessor reported at the end of December

Jason T Hesse