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GRENKELEASING AG: Consolidated Group net profit rises 24% to EUR 59.7 million - GRENKE increases its guidance once again

DGAP-News: GRENKELEASING AG / Key word(s): Quarter Results
GRENKELEASING AG: Consolidated Group net profit rises 24% to EUR 59.7
million - GRENKE increases its guidance once again

27.10.2015 / 07:26

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Consolidated Group net profit rises 24% to EUR 59.7 million - GRENKE
increases its guidance once again

- Net interest income in the first nine months of 2015 climbed 21.9% to
EUR 140.4 million (previous year: EUR 115.2 million)

- Consolidated Group net profit grew 23.5% in the first nine months of
2015 from EUR 48.3 million in the previous year to EUR 59.7 million

- 2015 earnings guidance revised higher: Consolidated Group net profit
expected in the range of EUR 78 - 80 million (previous guidance: EUR 74
- 78 million)

Baden-Baden, October 27, 2015: The profitable new business of recent
quarters and the attractive interest rate environment contributed to the
positive development of the first nine months of 2015. The increase in
interest income of 21.9% to EUR 140.4 million (9M-2014: EUR 115.2 million)
resulted from higher interest income from financing business and lower
interest expenses on refinancing.

Expenses for the settlement of claims and risk provision increased at a
slower rate in the first nine months and rose 12.2% to EUR 43.8 million
(9M-2014: EUR 39.1 million). The loss rate in the first nine months was
slightly below the previous year's level. Net interest income after the
settlement of claims and risk provision increased by 26.8% from EUR 76.2
million in the previous year's period to EUR 96.6 million.

Profit from insurance business climbed 20.9% to EUR 36.9 million (9M-2014:
EUR 30.5 million). Profit from new business was 6.7% higher at EUR 37.3
million after EUR 35.0 million in the first nine months of 2014. Including
gains/losses from disposals, which tend to be volatile on a quarterly
basis, income from operating business increased 19.1% from EUR 143.4
million in the previous year's period to EUR 170.7 million.

Expenses had a moderate rise in the first nine months in comparison to
income growth. Staff costs grew 15.1% and amounted to EUR 46.3 million in
the first nine months of 2015 compared to EUR 40.3 million in the previous
year's period. Selling and administrative expenses were 13.2% higher at EUR
38.5 million after EUR 34.0 million in the first nine months of 2014.

The operating result increased by 23.3% to EUR 80.7 million after EUR 65.5
million in the first nine months of 2014.

The Consolidated Group's net profit in the first nine months of 2015 was
23.5% higher at EUR 59.7 million (previous year: EUR 48.3 million).