Israel Credit Cards-Cal Ltd. (ICC-Cal) (Visa) today published its financial report for the second quarter of 2009. Net profit rose 29% to NIS 72 million from NIS 56 million for the corresponding quarter of 2008. The provision for doubtful debts more than doubled to NIS 19 million for the second quarter from NIS 9 million for the corresponding quarter.
ICC-Cal's profit from financing before the provision for doubtful debts rose 36% to NIS 53 million for the second quarter from NIS 39 million for the corresponding quarter. The return on capital fell to an annualized 32.6% for the second quarter from 42.2% for the corresponding quarter.
ICC-Cal's payments to the banks rose to NIS 38 million for the second quarter from NIS 37 million for the corresponding quarter.
ICC-Cal's turnover on its credit cards totaled NIS 20.28 billion in the first half of 2009, 1.4% more than for the first half of 2008. It non-bank credit portfolio totaled NIS 1.96 billion at the end of June, 34% more than a year earlier, and the average interest rate charged was 11.7%
ICC-Cal had 1.54 million credit cards issued at the end of June, 83.1%, or 1.28 million were active.
ICC-Cal had NIS 931 million in shareholders' equity at the end of June, 16% more than at the end of 2008, and accounting for 11.6% of the company's balance sheet total.
Israel Discount Bank (TASE: DSCT) owns 71.2% of ICC-Cal and First International Bank of Israel (TASE: FTIN1;FTIN5) owns 28.8%.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2009
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