The net profit of the first quarter of 2022 amounted to NIS 31 million

The net profit for the shareholders of Meitav Investment House in the first quarter of 2022 amounted to NIS 31 million, compared to NIS 46 million last year (after neutralizing the effects of the class action lawsuit against the investment house last year). The decrease in profit compared to the corresponding quarter in 2021 is mainly due to a decrease of about NIS 12 million in profit after tax from the transaction of purchasing the credit portfolio for diamonds at Peninsula, and high financing expenses in the current quarter in light of the rise in the index.
The report also shows that the volume of assets managed by the investment house amounted to NIS 223 billion as of the end of the first quarter of 2022, and the company raised NIS 4.4 billion in provident and continuing education assets in the past quarter.
Revenues in the first quarter of 2022 amounted to NIS 286 million, an increase of about 2%, compared to revenues of NIS 281 million in the corresponding quarter last year. Most of the increase in the reporting period is due to an increase in income from asset management.
Revenues in the first quarter of 2022 in the brokerage activity for private clients (Meitav Trade) amounted to NIS 27 million, compared with NIS 37 million in the corresponding quarter last year. The decrease in income during the reporting period is due to increased activity in the corresponding quarter last year, mainly in foreign securities, a phenomenon that characterized the entire brokerage sector in the first quarter of 2021. The rise in interest rates in Israel and around the world may have a positive contribution to income .
Non-bank credit revenues in the first quarter of 2022 amounted to NIS 41 million, compared with NIS 51 million in the corresponding quarter last year. The decrease in revenues during the reporting period is due to a decrease in Peninsula's revenues - resulting from a decrease in profit recorded in connection with the purchase of a diamond credit portfolio from Union Bank, offset by an increase resulting from Peninsula's current operations. Real estate for private clients in Israel).
Other revenues in the first quarter of the year amounted to NIS 28 million, compared with NIS 29 million in the corresponding quarter last year. Other income includes income from institutional brokerage, insurance commissions, distribution of foreign funds and more.