Grenkeleasing posted a 13 percent increase in
net profit to €27.8m in 2010, marking another year of growth for
the German company. New business reached €639m, a 39 percent
increase on 2009.

The small-ticket IT leasing lessor recorded
its strongest performance in Italy, the UK, and France, where it
trebled new business volume. Growth in Germany was less strong but
more stable, mirroring a more mature market. The company claimed it
has been gaining market share over its local competitors, due to a
constant increase in the number of dealers it works with.

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Grenke is now planning to further expand its
business, after having added new branches to its network last year.
“We plan to open subsidiaries in two new countries, Turkey and
Brazil, and expect to increase our offer in the countries where we
currently operate,” said Grenkeleasing deputy chairman Dr Uwe Hack.
“As the offices opened in 2010 will be the growth drivers for this
year, those we plan to open in 2011 will allow us to grow in
2012.”

Hack said that while an office in Turkey is
likely to open in the first half of the year, for Brazil it might
take a bit longer, but it will be a “testing ground” as it will be
Grenke’s first move outside Europe.

The lessor has a net profit target of €33-36m
for 2011 – which would be the highest profit in the history of the
company.

In 2010, it increased its staff number from
507 to 538, which reflects its international expansion. Loan losses
hit a peak in the first quarter of 2010, and then trended downwards
over the rest of the year.

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“The increase in loan losses was expected, but
we also expect the downward trend to continue in 2011. Looking at
our book, we have been slightly more conservative in 2009-10 than
in the years before, so the risk profile has also improved.”

antonio.fabrizio@vrlfinancialnews.com