ICC Credit Card Company, controlled by Discount Bank, published good reports for the second quarter

ICC Credit Card Company, controlled by Discount Bank, published good reports for the second quarter of 2021. ICC, managed by Levy Halevi, enjoyed growth in its credit card use following the closure, consumer credit demand and debt collection that was previously written off (debt previously recognized as a debt Lost).
ICC ended the second quarter with a net profit of NIS 79 million, an increase of 243% compared to the corresponding quarter in 2020, when it closed. ICC ended the first half of 2021 with a net profit of NIS 139 million, compared to NIS 16 million in the corresponding period last year.
The volume of use of ICC's credit cards in the second quarter amounted to NIS 31.4 billion - an increase of 31% compared to the corresponding quarter last year. The volume of use of ICC credit cards in the first half of 2021 amounted to NIS 60.1 billion, an increase of about 18% compared to the same period last year.
As of the end of June 2021, ICC's consumer credit portfolio amounted to NIS 5.25 billion, a growth of 4.5% compared to the previous quarter and an increase of 1.9% since the beginning of the year. ICL continues to charge its customers the highest interest rate in the credit card industry - 10.3%. The increase in the use of cards contributed to a 14.5% increase in revenues in the second quarter compared to the corresponding quarter, to NIS 478 million.
ICC's results were positively affected by provisions for credit losses. ICL recorded NIS 15 million in revenue in the second quarter of this item, compared with a negative provision of NIS 59 million in the corresponding quarter. ICC claims that these revenues were mainly due to ricochetry (revenues from previously written-off debts) due to the provision of consumer credit. However ICC has not yet canceled much of the accounting write-offs it made last year, following the corona.
Levy Halevi, CEO of ICC, said: "The performance of the second quarter reflects the recovery and growth of the economy, which was reflected in a peak in transaction turnover in Israel, a moderate recovery in foreign turnover and an increase in demand for credit."