Meitav Dash Investment House Net profit: NIS 23 million

Meitav Dash Investment House recorded revenues of NIS 216 million in the first quarter of 2018, compared with income of NIS 221 million in the fourth quarter of 2017, a decrease of 2.3%. Compared with revenues of NIS 223 million in the corresponding quarter last year, a decrease of 3.1%.
The EBITDA neutralized in the first quarter of 2018 amounted to NIS 57 million, compared with NIS 61 million in the fourth quarter of 2017, a decrease of 6.6%. The neutralized EBITDA in the corresponding quarter last year also amounted to NIS 61 million.
Net profit in the first quarter of 2018 was NIS 23 million, compared with net income of NIS 25 million in the fourth quarter of 2017, a decrease of 8%. Net profit in the corresponding quarter last year amounted to NIS 26 million, a decrease of 11.5%, due to a decrease in index card income, which was partly offset by an increase in the income of the member of the stock exchange and the institutional brokerage.
Marketing, operating, administrative and general expenses and financing expenses in respect of non-bank credit amounted to NIS 169 million in the first quarter of 2018, compared with NIS 170 million in the fourth quarter of 2017, a decrease of 0.6%. In the corresponding quarter last year, these expenses amounted to NIS 168 million, an increase of 0.5%.
The provident and pension activity continues to stand out positively for investment returns. Meitav Dash is the largest pension fund of the investment houses, with a total assets of NIS 8.2 billion and an annual deposit of NIS 1.5 billion.
Tachlit Activity ETFs record revenues of NIS 21 million in the first quarter of 2018, compared with revenues of NIS 26 million in the fourth quarter of 2017. The decrease is due to an increase in currency hedging expenses (Quanto) and an increase in interest margins in the activity of monitoring stock indices Sand.
Meitav Dash's managed assets at the end of the fourth quarter of 2017 amounted to NIS 129 billion, a decline of 2.3% compared to the volume of assets at the end of the fourth quarter of 2017, which amounted to NIS 132 billion. The decrease is explained by the decrease in ETN assets.

Ilan Raviv, CEO of Meitav Dash Investments: "The decline in ETF income stems from a broad trend in this sector due to challenging market conditions. On the other hand, the TASE member and the institutional brokerage sector are growing, even before the full effect of the transaction for the purchase of securities trading services from the Bank of Jerusalem. In addition, we are pleased that Best Dash is leading the provident and pension yields and believe that this will also be reflected in the long-term savings sector's revenues later this year. "