Isracard's profit in the third quarter fell by about 10% to NIS 83 million

Isracard's profit in the third quarter fell by about 10% to NIS 83 million (compared with the same quarter), despite 9% growth in the transaction volume to NIS 44.7 billion. Revenue for the quarter grew by 5% to NIS 646 million.
Ron Wexler, CEO, explained the results "On the nose of the challenges in the business environment, increased competition, the reduction in cross-commissions, and the effects of separation from Bank Hapoalim, Isracard has shown growth in activity in both payments and financing."
Consumer credit (in which Isracard held a relatively small portfolio of competitors) grew 23% year-on-year to NIS 686 million. The number of bank cards totaled 3.7 million, almost unchanged from the same period last year. There was no significant change in the number of non-bank cards as well, amounting to 3.71 million.
Interest on consumer credit rose from an average of 8.3% last year to 8.9% as of the end of the quarter. The defective amount of credit in the quarter increased from NIS 43 million to NIS 142 million when Isracard explains this with commercial credit balances in a subsidiary called Global Restructuring.
The turnover in the first nine months of the year amounted to NIS 125.2 billion, an increase of 8% compared to the same period. , Revenues from the beginning of the year grew by 5% to NIS 1.84 billion - net profit from the beginning of the year (excluding a 52 million NIS after-tax separation grant) amounted to NIS 235 million, only NIS 3 million more than in the corresponding period.