Opel Balance, which provides financial services, published its financial statements for the second quarter of the year in which it records revenues of NIS 22 million, compared to revenues of NIS 15.83 million in the corresponding quarter last year – an increase of 39%.
The profit before tax in the second quarter amounted to 9.9 million shekels, compared to 7.87 million dollars – an increase of 25.8%. The company’s net profit amounted to NIS 7.65 million compared to a profit of NIS 6 million in the corresponding quarter – an increase of 27.3%.
The company intends to provide mortgages totaling NIS 80 million gross in the entire year 2022, and as of today, the company has provided its customers with mortgages totaling NIS 65 million gross. The company’s net customer portfolio has increased by approximately 58% compared to last year, a total of approximately 323 million NIS in the second quarter of 2021, to about NIS 510 million at the end of the second quarter of this year.
However, net financial services revenues excluding credit loss expenses in the second quarter of this year amounted to approximately 17.1 million shekels (77.4% of revenues), an increase of approximately 20.1% compared to approximately 14.2 million shekels (approximately 89.8% of revenues) in the corresponding quarter last year. According to the company, the decrease in Opel’s profitability is due to a controlled increase in the provision for credit losses, as a result of expanding the group’s activities and increasing the customer portfolio.
Danny Mizrahi, CEO of Opel Balance Investments: “Recently, we have seen the importance of managing professional underwriting processes and the existence of control mechanisms in the provision of credit, and the extensive experience gained in the company throughout our 26 years of activity in the field is reflected in a low rate of secured debts compared to competitors, at the same time as controlled growth and in accordance with the challenges faced by various branches of the Israeli economy The uniqueness of Opel’s activity is in the wide distribution of customers and placing credit against suitable collateral, which significantly reduces the risk. We will continue to provide a professional and comprehensive financial solution and be a factor that helps the growth of small and medium-sized businesses in Israel.”
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