Company eNon-bank credit, Peninsula, recorded a net profit of NIS 68.7 million in 2021, an increase of 7% compared to the previous year. This is despite the fact that the net profit in the fourth quarter was less than a third compared to the last quarter of 2020 and amounted to NIS 12.3 million.
The increase in profit can be recorded primarily as a result of an increase in the credit portfolio of Peninsula , Which amounted to NIS 1.37 billion at the end of last year, a 49% jump compared to the end of 2020. The average net credit portfolio to customers in the fourth quarter of 2021 amounted to NIS 1.21 billion, compared with NIS 1.08 billion in the third quarter of 2021 and NIS 896 million. In the corresponding quarter last year. The company continued to increase its portfolio and as of Tuesday it stands at about NIS 1.4 billion.
As a result, interest income in 2021 amounted to NIS 153.3 million, an increase of 11.7% compared to 2020. In Peninsula we noted that the increase in interest income is mainly due to growth in the company’s current activity and an increase in debt collection, which was partially offset by a decrease in discount income. From the purchase of the diamond bag. Interest income in the fourth quarter amounted to NIS 30.8 million, compared with NIS 81.3 million in the corresponding quarter. “Most of the decrease is due to a decrease in the discount income due to the acquisition of the diamond portfolio, which amounted to NIS 3.3 million in the quarter, compared with NIS 56 million in the corresponding quarter.
The Peninsula Group, which operates in the business credit field, was founded in 2004 by Adv. Micha Avni and is traded at a value of NIS 704 million. The controlling owner of the company is Meitav Dash Investment House, which holds 50.65% of the shares. Avni, who serves as CEO, holds -7.91%.
Equity as of the end of the past year amounted to NIS 507.5 million, very similar to that recorded at the end of 2020. It was affected by the profits of 2021 in the amount of NIS 68.7 million, as stated, which were offset by a significant dividend of NIS 68 million (on four dates). from the beginning of the year.
In accordance with the dividend policy, the company announced a dividend of approximately NIS 10 million in respect of the profits for the fourth quarter of 2021, which will be distributed during the current month.
Micha Avni, founder and CEO of the Peninsula Group, said: “We are ending the year with a record profit and continuing a multi-year trend of growth in the company’s profits, against the background of economic growth and high demand for credit. We continue to implement the strategic plan of reaching a credit portfolio of about NIS 2 billion by the end of the year. “