Credit card company Leumi Card today published its results for the third quarter and first nine months of 2018 showing continued growth in the company's activity.
Revenue in the third quarter totaled NIS 355 million, 13% more than in the corresponding quarter last year. Net profit was NIS 54 million.
Revenue grew 10.6% to NIS 995 million in the first nine months of 2018. Net profit totaled NIS 158 million, compared with 142 million in the corresponding period in 2017, an 11% rise.
Leumi Card CEO Ron Fainaro said, "The third quarter results show the company's continued growth, in accordance with our long-term strategy. Last month, we successfully held a first bond issue in the Israeli market, an important step towards financial independence under the Strum reform."
Fainaro added, "We are on the verge of separation from Bank Leumi, which was our home for our 18 years of existence as a company. We are busy preparing for the transfer of control to US investment fund Warburg Pincus. We have a lot of work ahead of us, and I'm confident that we will meet the challenges by promoting innovative financial products for the public, consumers, and businesses."
As reported by "Globes" in late October, Leumi Card is in advanced negotiations to acquire control of payments company Caspit Payment Technologies. Caspit's valuation in the deal is believed to be in the tens of millions of shekels. According to the emerging deal, Leumi Card will acquire all the shares in Caspit, together with foreign investors, and become Caspit's controlling shareholder. Caspit is held by a group of private investors, including CEO Meir Ran. Fainaro and Leumi Card EVP business development and strategy Ohad Maimon are leading the negotiations for Leumi Card.
Published by Globes, Israel business news - en.globes.co.il - on November 12, 2018
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