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Revealing, among other things, the results of the activities of the investment house Yelin Lapidot. It turns out that despite the declines in the markets during the second quarter, Bilin Lapidot experienced another quarter of revenue growth, growth that was not reflected in the bottom line.
Yelin Lapidot’s revenues amounted to NIS 162.2 million in the quarter compared to NIS 153.4 million in the corresponding quarter, a growth of 5.7%. In the area of portfolio management, revenues amounted to NIS 14.9 million compared to NIS 13.6 million last year, in the management of provident funds, the company’s largest segment, there was actually a slight decrease from NIS 78.6 million to NIS 78.1 million, and trust fund management experienced the most significant growth from 61.3 NIS 1 million to NIS 69.2 million in revenue. The company also recorded losses in the Nostro case of NIS 2.3 million.
Operating profit fell to NIS 58 million compared to NIS 61.8 million last year, due to an increase in operating expenses, management and general marketing, as well as nostro losses. The profit before tax reached NIS 59.8 million compared to NIS 62 million last year due to financing income. Despite the increase in income, there was a decrease in net profit to NIS 44.4 million compared to NIS 46.2 million last year, and this is due to the decrease in operating profitability.
The volume of assets under management amounted to NIS 95.6 billion compared to NIS 100.2 billion at the end of 2022. The company does not specify how revenues increased despite the decrease in assets under management, but apparently it is a different mix of assets, with the management of mutual funds generating higher revenues than the other segments, and therefore there is Increase in income despite the decrease in the volume of managed assets.
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