Isracard, the credit-card group net profit in 2018: NIS 318 million

Isracard, the credit-card group, which also includes American Express in Israel, has published its financial statements. Net profit of the Isracard Group in 2018 amounted to NIS 318 million, compared with NIS 2,99 million in 2017, an increase of 6%. Profit in the fourth quarter amounted to NIS 68 million, compared with NIS 29 million in the corresponding quarter of 2017. Isracard's profit, which does not include American Express, increased by about 5% in 2018 to NIS 264 million, while American Express's profit grew by a much sharper rate of 15% to NIS 54 million.
The group's income generators grew in 2018, and even after renewing the agreements with the strategic clubs, also shows a 24 percent increase in consumer credit. "The largest credit card group in Israel reveals that the volume of transactions in its credit cards totaled NIS 155.1 billion , An increase of 7% compared to 2017, compared with a 3% increase in the number of cards issued to its customers. The Group's revenues last year amounted to NIS 2.34 billion, an increase of 6% compared to the previous year.
The company also reported net interest income in 2018 at NIS 312 million, an increase of 14%, and expenses in respect of credit losses grew by more than 25% to NIS 152 million. In the fourth quarter alone, the increase in expenses for credit losses increased significantly More.
At the end of 2018, the consumer credit portfolio of Isracard was NIS 3.03 billion, compared with NIS 2.43 billion at the end of 2017. The commercial credit provided by the Company to non-private customers increased by 61% to 1.8% Billion shekels. The company also said that due to regulatory measures that are expected to occur in the European Union, the company's revenues from cross-commission from abroad are expected to decrease by about NIS 6.5-5 million a year (NIS 20-27 million). And is currently in the process of preparing an application for a permit to publish a prospectus in parallel to preparations for a private sale. "It is estimated that Hapoalim is expected to go through the issue.