Meitav Investment House
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+0.8%
Base:1,250
opening:1,250
High:1,265
low:1,237
change:18,911
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The company that manages investment portfolios, mutual funds, baskets and pensions, provident and training funds, published its financial reports for the third quarter of the year, according to which revenues totaled approximately 299 million shekels compared to revenues of 271 million shekels in the corresponding quarter last year – an increase of 10.3%.
The total net profit for the shareholders of the group in the third quarter amounted to about NIS 28 million compared to a net profit of about NIS 32 million last year – a decrease of 12.5%. According to the investment house, the difference is mainly due to lower profits from securities and higher financing expenses due to higher indices in the current quarter compared to the corresponding quarter last year.
The amount of assets of the provident and pension funds managed by the company increased by 18% to approximately NIS 90.2 billion, compared to approximately NIS 76.7 billion last year. The assets of the provident and pension funds amounted to NIS 92.5 billion.
The volume of managed assets amounted to approximately NIS 215 billion, an increase of approximately 4% compared to approximately NIS 206 billion in the corresponding quarter last year.
Meitav Investments shares fell by 24.5% since the beginning of the year to a price of NIS 12.6, which represents a market value of NIS 844.6 million.
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Ilan Raviv, CEO of Meitav Beit Investments: “The financial results reflect the success of our business strategy to diversify the sources of income from a number of activities. Despite the declines in the markets, the investment house continues to grow in investment management activities, mainly in long-term savings as well as in the activity of the stock exchange member, among other things in light of the increase in interest rates in Israel and abroad. We are also experiencing growth in the non-bank credit areas of the investment house. In addition, we have entered into promising fintech ventures, in which we expect significant revenues and profits. Looking ahead, we estimate that the continued growth of the investment house will lead to an increase in our profitability, this year and into 2023.”
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