Meitav Dash: Loss of half a billion shekels – following the ruling

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Reports a huge loss of NIS 489 million, following the ruling against her for illegally collecting management fees, and the district court’s decision to return NIS 400 million to members. The company of course appeals the decision but according to the accounting rules a company must recognize a loss when there is a high chance that the loss will actually occur, and apparently the company’s accountants think the chances of having to pay the actual money are high. The investment house set aside NIS 310 million in the quarter, in addition to NIS 239 million in financing expenses (compared with NIS 9 million in the corresponding quarter last year).

Excluding the losses, the investment house recorded a profit of NIS 38 million, an increase of 19% compared to NIS 32 million in the corresponding period last year.

Revenues in the third quarter, net of losses, amounted to NIS 271 million, an increase of 21% compared to NIS 224 million in the corresponding quarter last year. According to the company, the increase in the reporting period is due to an increase in income from asset management – the acquisition of Hellman Aldubi, and a shift from enterprise funds to the management of the investment house – and from the non-bank credit sector, mainly Peninsula.

The EBITDA neutralized in the third quarter of 2021 amounted to NIS 92 million, an increase of 14%, compared with NIS 81 million in the corresponding quarter last year, which came mainly from the current savings sector.

The volume of assets under management rose to a peak of NIS 217 billion as of November 22. At the end of the quarter, assets under management amounted to NIS 206 billion.

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In provident funds and study funds – since the beginning of the year, the group has raised NIS 5.8 billion. In the area of ​​pensions, the deposits of the company’s customers recently exceeded the NIS 350 million per month threshold.

Ilan Raviv, CEO of Meitav Dash Investments: “The Group continues its strong business momentum, and alongside the continued prominence of outstanding returns, in all areas of investment management, the Group continues a strong rate of raising in provident funds, pension funds, mutual funds and portfolio management while crossing a threshold of NIS 200 billion managed assets, as of the end of the third quarter Which continues well into the fourth quarter of 2021. The strong performance is reflected, among other things, in the growing number of insurance agents and investment advisers who recommend clients to manage their savings in the best lapel.

“We continue to maintain growth trends in all activities and are working to flood value in areas that have not yet been fully reflected in our results, particularly in the areas of fintech and alternative investments.”

By sector:
The volume of provident and pension fund assets managed by the company at the end of the quarter increased by 38% to NIS 76.6 billion, compared with NIS 56 billion in the corresponding quarter last year. As of November 22, the volume of assets amounts to NIS 81.6 billion.

Revenues in the third quarter of 2021 in the long-term savings segment amounted to NIS 86 million, compared with NIS 75 million in the corresponding period last year. The increase in the reporting period is mainly due to an increase in the average volume of assets due to both return on assets, increased cash inflows, an increase in current deposits in pension funds and the purchase of new pension funds by Hellman Aldubi with assets of NIS 5.2 billion.

Revenues in the third quarter of 2021 in the current savings segment amounted to NIS 84 million, compared with NIS 72 million in the corresponding period last year. According to the investment house, the increase in the reporting period is mainly due to an increase in the average volume of assets and raised in traditional funds and hedge funds with high average management fees compared to redemptions in monetary funds and mutual funds with low management fees.

Factory funds were transferred in the quarter to the management of Meitav Dash, such as the teachers ‘and kindergarten teachers’ funds, the benefit fund for Bank Leumi employees, the Gal provident funds, Kalanit, HaGomel and more. Following the management of these funds, together with the management of the investment portfolio of the Norwegian wealth fund, Meitav Dash manages portfolios of managed assets of approximately NIS 72.5 billion.

Revenues in the third quarter of 2021 in the brokerage activity for private clients (Meitav Dash Trade) amounted to NIS 24 million, similar to the third quarter in 2020.

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    30/11/2021
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