Altshuler Shaham Investment House: net profit jumped 92% and amounted to At NIS 48.7 million

Two weeks after regulators approved the sale of Psagot to Altshuler Shaham Investment House, the provident company reports its financial results for the first quarter of 2021. Altshuler Shaham Gamel's net profit jumped 92% compared to the same quarter in 2020 and 9% compared to the previous quarter, and amounted to At NIS 48.7 million. The jump in profit is attributed, among other things, to an advantage in size - as the company grows in terms of total assets under management, more money goes to the bottom line.
The company's revenues grew by 43% compared to the corresponding quarter in 2020, and amounted to NIS 287 million. The increase in income is mainly due to an increase in the balance of assets managed by the company, and an increase in the total deposits to the provident funds and pension funds managed by the company.
The volume of managed assets of Altshuler Shaham (+ 3.11% 2220) as of the end of March amounted to NIS 181.3 billion - growth of 10% in the quarter and an increase of 61% in the past year. These 56 assets will be joined by NIS 56 billion of the assets managed by Psagot in Gamel. Even before the merger with Psagot, Altshuler Shaham's market share - the largest company in the provident fund (which includes provident funds, study funds and a savings plan for each child) - was 26.3% as of the end of March (total assets under management) - compared to 21.5% at the end of March 2020.
The number of members in pension funds as of the end of the first quarter of 2021 was 260,252, compared with 149,829 at the end of the corresponding quarter last year - an increase of approximately 74% compared to the corresponding quarter in 2020 and of 19% compared to the previous quarter. The company's market share as of the end of the first quarter of 2021 is 4.3%, an increase of almost twice as much as the corresponding quarter last year. The company's market share in deposits as of the end of the last quarter is 7.3%, compared to 4.3% in the corresponding quarter last year.
The company's equity as of the end of March amounted to NIS 302 billion, compared with NIS 283.5 billion at the end of 2020.