BADEN-BADEN (dpa-AFX) - Leasing specialist Grenke further increased its new business in the second quarter and also became more profitable. Compared to the same period last year, new leasing business increased by 10.7 percent to 650.3 million euros, the SDax-listed company announced in Baden-Baden on Wednesday. The operating margin of the so-called contribution margin 2 increased by one percentage point to 16.9 percent. The margin had weakened noticeably in the meantime due to the rise in interest rates in the market, because Grenke can only pass on the higher interest rates to customers with a time delay.

Company CEO Sebastian Hirsch spoke of a still challenging environment, especially due to volatile interest rate developments and growing recession concerns. In view of this, he said, the figures were an "excellent result". Demand is stable, he said, and the leasing of e-bikes is continuing on an upward trend. The Group will present its detailed interim report on August 10./men/zb