Grenke AG Reports Increased Group Earnings and Improved Cost-Income Ratio in H1 2024

grenke AG announced an 11.3% increase in Group earnings in the first half of 2024, reaching EUR 45.0 million compared to EUR 40.4 million in the same period in 2023. The cost-income ratio improved to 57.1% from 58.3% last year, driven by robust new business growth.

CEO Dr. Sebastian Hirsch highlighted the company's resilience in challenging market conditions, emphasizing steady growth and efficiency. CFO Dr. Martin Paal pointed to a solid refinancing strategy and effective cost management as key factors.

Higher interest income in Q2 2024 saw an increase to EUR 140.3 million, despite rising interest expenses. Lease receivables hit a record EUR 6.1 billion, boosting net interest income by 7.6% to EUR 90.4 million.

The company's robust outlook for 2024 includes expected Group earnings between EUR 95 million and EUR 115 million, with a forecasted cost-income ratio under 58%. The equity ratio remains above the target of 16%, maintaining financial stability.