Grenke sees 2023 profit at high end of range after Q3 beat, shares jump

Grenke AG

09/11/2023 09:06

** Shares in Grenke  GLJn.DE  rise around 8% after the
German leasing company reported a jump in Q3 profit and said it
was on track to reach the upper end of its 2023 forecast
    ** Its Q3 net profit rises 18% to 24 million euros ($25.7
million)
    ** CEO Sebastian Hirsch says Gernke is on course to reach
the upper half of its forecast range for annual net profit of
80-90 million euros
    ** Pareto analyst Philipp Häßler says Q3 results were
slightly better than expected -- "I particularly like the fact
that net interest income is up qoq/yoy. Last but not least a
slightly more positive 2023 net profit guidance from Grenke" 
    ** Roland Pfaender from ODDO BHF says Q3 net profit was
"modestly ahead" of expectations
    ** The stock is on track for best day since April
    ** Including Thursday's rise, the stock has gained 11% YTD

($1 = 0.9344 euros)

 (Reporting by Mateusz Dobrzyniewski)
 ((Mateusz.dobrzyniewski@thomsonreuters.com))