GRENKE Reports Strong Start to 2024 with Impressive Q1 Earnings Growth

GRENKE AG, a global finance partner for small and medium-sized enterprises, kicked off 2024 with a 25% increase in Q1 group earnings, which reached EUR 19.8 million compared to EUR 15.9 million in the same period of the previous year. This performance boost is attributed to the strong growth in new business and an improved margin situation from the previous year.

The company reported an equity ratio of 18.8%, maintaining a level above their self-imposed target of 16% even after conducting a share buyback. For the quarterly period, GRENKE also experienced a significant rise in interest income, which escalated to EUR 132.1 million from EUR 108.5 million in Q1 2023. Despite the high capital market interest rates, this has contributed to a net interest income after risk provisions of EUR 59.3 million.

On the operational front, new leasing business saw an increase of 9.4%, totaling EUR 669.8 million. The workforce also expanded by 8%, aligning with the requirements of increased business volume. Additionally, GRENKE reaffirmed its forecast for 2024, anticipating new leasing business volume between EUR 3.0 billion to EUR 3.2 billion and aiming for a cost-income ratio of less than 58%.