Grenke : Q3 2021 results slightly ahead of our estimate; new business leasing might lag momentum going into 2022e
>Q3 2021 pre-tax profit € 25.4m vs our € 23.3m estimate - GRENKE reported Q3 2021 results moderately ahead of our estimate. Pre-tax profit came to € 25.4m, down by 22.5% y-o-y and came in moderately ahead of our € 23.3m estimate. The company reported a 8.8% y-o-y decline of net interest income to € 90.8m driven by lower new business leasing volumes triggered by reduced business activity caused by COVID-19. Risk costs came down further as expected and stood at € 37.7m,...Grenkeleasing is engaged in providing financial services in three business segments: Leasing, Banking and Factoring. Leasing: Co.'s financing activities are focused on small-ticket IT leasing. Co. finances a wide range of goods, primarily in the area of information technology on IT equipment and systems and software. Banking: Through GRenke Bank AG, Co. provides financing products for small and medium sized enterprises focused on German customers, including lower-volume receivables (factoring) and car leasing. Co. also offers payment transactions and investment products. Factoring: Co. performs traditional factoring services in Germany and is a financial service provider. .
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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