Yair Levinstein (Photo by Sam Yitzhakov)
Altshuler Shaham published its third quarter data today (Tuesday) and announced that the company’s revenues in the quarter grew by 69.6% and amounted to NIS 396.9 million, compared with NIS 234 million in the corresponding quarter last year. The increase in management fee income is mainly due to an increase in the balance of assets managed by the company, an increase in the total deposits to the provident funds and pension funds managed by the company, as well as an increase in management fees from the provident funds as a result of the merger of Psagot.
The company’s revenues in the quarter (excluding peaks) grew by approximately 36.5% and amounted to approximately NIS 319.3 million, compared with approximately NIS 234 million in the corresponding quarter. The consolidated total profit in the quarter amounted to NIS 77.1 million, compared with NIS 38.9 million in the corresponding quarter last year, an increase of 97.9%.
More in-
The number of members in the company’s pension funds continues to grow and as of the end of the third quarter of 2021 stood at 316,815 compared to 188,872 at the end of the corresponding quarter last year, an increase of about 67.7% and compared to 290,625 members at the end of the previous quarter, an increase of about 9%. The company’s market share in the pension market as of September 30, 2021 was 5.02% compared to 3.06% in the corresponding quarter last year. The company’s market share in pension deposits was 8.38% in the third quarter, compared with 5.13% in the corresponding quarter last year.
The Company’s pension fund assets increased from a total of NIS 17.46 billion in assets at the end of 2020 to a total of NIS 27.87 billion in assets as of September 30, 2021, an increase of approximately 59.57%. Most of the increase was due to the recruitment of new customers as a result of efficient and focused marketing activities to promote and strengthen the company’s pension fund and to strengthen and position the company’s brand.
More in-
As of September 30, 2021, Altshuler Shaham Provident and Pension is the largest company in the provident fund market (including a savings plan for each child) and it holds a market share of approximately 25.63% of the total assets managed in provident funds and study funds, compared to 23.96% as of September 30, 2020. The Company’s managed assets, excluding Psagot’s assets, as of September 30, 2021, amounted to NIS 194.4 billion, compared with NIS 142.49 billion as of September 30, 2020, an increase of approximately 36.4%.
Comments on the article(0):
Your response has been received and will be published subject to system policies.
Thanks.
For a new response
Your response was not sent due to a communication problem, please try again.
Return to comment