Cal Reports Record Q1 Profit Amid Surge in Overseas Transactions and Card Usage

Credit card company Cal concluded the first quarter of 2025 with its highest-ever quarterly net profit, driven by a strong recovery in overseas transactions and overall credit card usage. The company, led by CEO Levi Halevi, posted a net profit of NIS 97 million, reflecting an 11.5% increase compared to the same period last year and a 14.5% return on equity.

Overseas Spending and Card Usage on the Rise

Cal reported a 54% surge in revenue from overseas transactions during the quarter, alongside a 14% increase in total card usage cycles. The company’s credit card turnover reached NIS 49.2 billion, up 13.8% year-over-year.

Additionally, the number of active cards grew by 7.5%, totaling 3.8 million cards by the end of Q1 2025.

These strong financial results come at a critical time for Cal. The company, which is controlled by Discount Bank, is currently in the advanced stages of a strategic sale. Discount Bank is seeking to sell Cal at a valuation of NIS 4 billion.

The bidding phase concluded two weeks ago, with offers submitted by several major players, including:

• Union Group

• Harel Investments

• Centerbridge Fund (former controller of Phoenix Holdings)

• Apax Partners

Discount Bank is now evaluating the bids to determine which will proceed to the next stage of the sale process.

Cal’s record performance and growing customer base position it as a valuable asset in the Israeli financial sector. The surge in international spending suggests a continued post-pandemic rebound in consumer travel and cross-border commerce, adding further appeal to potential investors.

More developments in the sale process are expected in the coming weeks.