MAX: Net profit jumped by 133% – NIS 49 million

by time news

Credit card company MAX It Finance (MAX) reports that its credit card turnover saw a 30% increase in the third quarter, along with a 12% increase in the number of active cards.

The issue turnover increased by approximately 19% and amounted to NIS 25.3 billion in the third quarter. Revenues also increased by about 19%, amounting to about NIS 374 million, mainly due to the increase in credit card turnover as a result of opening the economy to full activity and removing some of the restrictions on tourism.

On the bottom line, net profit amounted to NIS 49 million, compared with NIS 21 million in the corresponding period, an increase of 133%. The increase in profitability came along with an increase of approximately 7.4% in expenses, when these amounted to a total of approximately NIS 306 million, compared with NIS 285 million last year, as a result of an increase in direct expenses related to an increase in business activity.

The balance of consumer credit in the period was about NIS 5.84 billion, an increase of about 10% compared to the corresponding quarter, when this balance was about NIS 5.3 billion.

Provisions for credit losses decreased by approximately 20% from an amount of approximately 19 million last year, compared with 15 million in the reporting period. “The Company’s results were also affected by low credit losses compared to the corresponding period last year, which were reflected in a decrease in write-offs” – the report states.

“In the past year we have placed emphasis on marketing and expanding the value proposition in our non-bank cards and it can be seen that the Israeli public understands that as part of prudent consumer habits, it is worth concentrating all expenses on a central credit card that returns value regularly”. Added

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