The revenue of Max amounted to was NIS 374 million in the third quarter of 2021

The exit from the closures led to an economic recovery in the economy, which translated into an increase in the use of credit cards and a renewed increase in the demand for consumer credit. This increase is well reflected in the financial statements for the third quarter of the credit card company Max, which is controlled by Warburg Pincus (70%), an American private equity fund.

The revenue of Max, managed by Ron Painero, was NIS 374 million in the third quarter of 2021, an increase of 19% compared to the corresponding quarter in 2020. As of the end of September, the number of Max's active credit cards was 2.39 million - an increase of about 8% compared to the end of September 2020.
Max, which was previously based mainly on bank cards from Leumi and the non-banking club Shufersal Finance, is now an independent company that showed a sharp increase in the number of non-bank cards, which amounted to 876,000 as of the end of September - an increase of 11% compared to the same period in -2020 ..
The use of Max's cards amounted to NIS 25.3 billion in the third quarter, a growth of 18.7% compared to the corresponding quarter last year. Of this, the use of non-bank credit cards was about NIS 8.4 billion - an increase of about 33%.
Following the economic recovery in the economy, Max's expenses for credit losses were NIS 15 million in the third quarter, a decrease of about 50% compared to the corresponding quarter in 2020. Max's consumer credit portfolio, which is the highest portfolio among credit card companies, amounted to NIS 5.85 billion as of the end of September - an increase of about 7% compared to the previous quarter, and of 9.4% since the beginning of the year. These days, the portfolio has already crossed the NIS 6 billion mark.
Following the decision to try and recruit as many customers with a relatively low risk profile, who can also get credit at banks, the average interest rate charged by Max from its private customers was 7.4% as of the end of September 2021, compared to 7.5% in the previous quarter. Following an increase in the credit portfolio, Max's net interest income amounted to NIS 96 million in the third quarter, an increase of 14% compared to the corresponding quarter in 2020.
 Max's net profit in the first nine months of the year is NIS 135 million, a jump of 321% compared to the same period in 2020, when the company faced heavy expenses for credit losses, due to demands by the Bank of Israel and a significant slowdown in credit demand.