Analyst IMS Investment Management Services Ltd. (TASE:ANLT) was one of the beneficiaries of the stock market rally during the first quarter. The investment house's net profit attributable to its parent company rose 31% to NIS 17.6 million (NIS 1.62 per share) for the first quarter of 2010 from NIS 13.4 million for the corresponding quarter of 2009.
Revenue rose 93% to NIS 33.2 million for the first quarter from NIS 17.2 million for the corresponding quarter. Contributors to the growth included mutual funds management, whose revenue rose 84% to NIS 15.5 million from NIS 8.5 million; provident funds management, whose revenue rose 50% to 12.4 million from NIS 8.2 million, and portfolio management, whose revenue rose 102% to NIS 796,000 from NIS 395,000.
Underwriting fees from subsidiary Analyst Underwriting And Issuing Ltd. rose to NIS 4.5 million for the first quarter from NIS 110,000 for the corresponding quarter.
Analyst is one of Israel's few investment houses that still maintains nostro activity, after most others abandoned this activity in the past two years. Net profit from nostro activity fell to NIS 9.8 million for the first quarter from NIS 13.6 million for the corresponding quarter. Nostro profits were sharply higher in the corresponding quarter, during the peak of the financial crisis.
Analyst is controlled by its co-chairmen Shmuel Lev and Ehud Shiloni. Analyst's share price fell 0.1% by midday today to NIS 31.43, giving a market cap of NIS 340 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2010
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