The non-bank credit company
Direct Financing
-0.54%
Base:74,400
opening:76,030
High:81,900
low:74,000
change:29,043,031
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, Which deals with non-bank consumer credit and also operates the digital platform Carwise, records financing income of NIS 272 million in the first quarter of 2022, a jump of 56% compared to NIS 175 million in the corresponding quarter last year. Operating profit increased to NIS 113.4 million, compared with NIS 72.7 million in the corresponding quarter, an increase of 56%. In the bottom line, direct financing recorded a net profit of NIS 73 million, an increase of 62% compared to NIS 45 million in the corresponding quarter. The balance of the loan portfolio set up and marketed by the company amounted to NIS 9.3 billion at the end of the quarter, compared with NIS 9.1 billion at the end of 2021.
Upon publication of the reports, the company also announces a dividend distribution of NIS 36.5 million, in accordance with a policy of dividend distribution of 50% of net profit.
Eran Wolf, CEO of Direct Finance, said against the background of the reports: “We are concluding a record quarter in the company’s results with an improvement in all parameters. The loan portfolio that sits on the company’s balance sheet continues to grow in parallel with the strengthening of equity which allows us to continue to grow and improve profitability. The good results were affected, among other things, by strong demand for vehicles and car loans, and an improvement in the discount rate of the company’s loan portfolios, which were converted to third parties. In line with the strategic plan to enter the mortgage field, we recently reported a significant milestone that is conducting negotiations with a large institutional entry body as a partner at a rate of 15% of the subsidiary and providing a significant credit facility for the benefit of the activity. ”
The company’s total assets at the end of the quarter were NIS 4.76 billion, an increase of 43% compared to NIS 3.32 billion in the corresponding quarter.
In February, the company completed the purchase of 80% of the share capital of Auto Magazine for NIS 20 million. We have explained here what the connection is between the two companies in general and why Direct Financing thinks it should enter this business. In addition, Direct Financing is working to enter the mortgage field and is negotiating with an institutional entity as a partner at a rate of 15% of the subsidiary and providing a significant credit line for the benefit of the activity – but so far there is nothing new in this sector.
The company’s share closed today at NIS 740 (down 0.54%), after falling 17.7% since the beginning of the year. The company’s current market value is NIS 2.18 billion.
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