Grenke Reports Preliminary Third Quarter 2024 Figures

Grenke AG has announced a 5.8% rise in preliminary net interest income, amounting to EUR 269.3 million in the first nine months of 2024, compared to EUR 255.0 million in the same period of 2023. However, due to increased expenses for claim settlements and risk provisioning, the preliminary Group earnings fell by 11.5% to EUR 57.0 million. In the third quarter alone, earnings dropped by 50% to EUR 12.0 million. The loss rate rose to 1.5% in Q3 2024 from 1.1% in Q3 2023.

The forecast for Group earnings in 2024 has been adjusted to EUR 68-76 million from the previous EUR 95-115 million, aligning with expectations of continued high expenses for claims and risk. Despite this, Grenke maintains its target for new business between EUR 3.0 and 3.2 billion.

The increase in insolvencies in key markets such as France, Spain, and Germany, alongside higher staff costs, has pressured the financial results. Nevertheless, Grenke’s leadership highlights strong leasing demand and the potential of data to enhance forecasting and receivables management.