The investment house
Meitav Dash
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It is reported that revenues in the second quarter of 2022 amounted to NIS 288 million, an increase of 4.7% compared to NIS 275 million in the corresponding quarter last year. Bottom line, the investment house recorded a net profit for shareholders of NIS 17 million, a 40% decrease compared to NIS 29 million in the corresponding quarter last year. Best explains that the decrease is due to an increase in management and general expenses that continue to grow, “investments in manpower that we increased to absorb billions in provident and pension, conversion of information systems, increased work with insurance agents and pension consultants and other investments that will help the company grow.”
The amount of assets of the provident and pension funds managed by the company increased by 32% to NIS 88.7 billion, compared to NIS 67.1 billion last year. The scope of Meitav’s managed assets in the second quarter of 2022 amounted to a total of NIS 213.2 billion, an increase of about 31% compared to NIS 162.8 billion in the corresponding quarter last year.
In the division into sectors:
Revenues in the long-term savings sector amounted to NIS 100 million, compared to NIS 81 million last year, an increase of 23%. The increase is mainly due to an increase in the average amount of assets, an increase in deposits in the pension funds as well as the merger of the new pension funds of Hellman Aldobi.
Revenues in the current savings sector amounted to NIS 87 million, compared to NIS 91 million last year, a decrease of 4.4%. The decrease in income is due to a decrease in income from the management of the trust funds and the basket of NIS 7 million. The decrease in income in mutual funds and basket funds is due to a decrease in the average volume of assets as a result of redemptions and declines in the markets and a decrease in income from variable management fees in basket funds which is affected by market volatility
The revenues in the brokerage activity for private customers (Meitav Trade) froze and stood at NIS 26 million, similar to the corresponding quarter last year. The company anticipates a continued improvement in revenues in the activity of the stock exchange member in the second half of the year as a result of the increase in interest rates.
Revenues from non-bank loans totaled NIS 47 million compared to NIS 51 million last year. The decrease is due to a decrease in the income of the foreign credit company Peninsula Bank, due to a decrease in profit due to the purchase of the credit portfolio for diamonds from Union Bank, in the amount of approximately NIS 10 million.
Other revenues (institutional brokerage, insurance commissions, distribution of foreign funds and others) amounted to NIS 28 million compared to NIS 26 million last year.
Ilan Raviv, CEO of Meitav: “This year’s financial results reflect the continued growth of an investment house in a variety of different activities. In order to support this growth, we are carrying out a focused investment plan, which has begun to bear fruit. Looking ahead, we estimate that the investment plan will lead to an increase in the group’s profitability already in the second half of this year .”
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