Max ended the quarter with a net profit of NIS 52 million

Credit company Max publishes an excellent report for the first quarter of 2022. CEO Ron Fainero: "The reports indicate that Israelis are returning to flying and vacationing, the demand for credit has risen and we are seeing cycles in volumes that even exceed the levels we knew before the Corona crisis."

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22/05/2022

Sunday, 22 May 2022, 15:37 Updated: 15:44

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Max published today (Sunday) the financial statements for the first quarter of 2022, which reflect the growth in the company's business activity, with an emphasis on turnover in credit cards and consumer credit and small businesses.

The company's revenues in the first quarter increased by 26% compared to the corresponding quarter last year and stood at about NIS 394 million.

The increase in the Company's revenues was in all income items - both in interest income and in income from credit card transactions in light of the significant increase in the volume of activity.

The company's net profit for the first quarter of 2022 was NIS 52 million, compared with NIS 40 million in the corresponding period last year.

The consumer credit portfolio, which is the largest of the credit card companies and already stands at about NIS 7 billion, grew in the last quarter by about 7.6%.

One of the significant growth engines in consumer credit is vehicle financing, in 2022 the accelerated growth in loans for financing new vehicles and second-hand that the company provides continues.

At the same time, the credit portfolio for small businesses grew, which stood at NIS 607 million at the end of the first quarter, with an increase of approximately 23.1% compared to the end of 2021 and an increase of approximately 49.1% compared to the balance at the end of the corresponding quarter last year.

Max sees the increase in business credit as the strengthening of small and micro businesses, which are responsible for supporting many families and a significant part of the business product of the Israeli economy.

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Max CEO, Ron Painero (Photo: Hadar Dolan)

Max CEO Ron Feinero

said: “The first quarter of 2022 actually represents the return of the economy to an almost complete routine after a very long and challenging period in which the entire economy faced the consequences of the corona.

We are seeing Israelis return to flying and vacationing, the demand for credit has risen and we are seeing cycles in volumes that even exceed the levels we knew before the crisis.

"In the first quarter, as well as in the second quarter so far, we see the continuation of the growth trend we saw in the previous quarter, an increase in clearing and issuance activity, and a return of turnover abroad, at a faster pace than we have seen so far."

"Our strong performance reflects the implementation of the company's strategy - focusing on creating an independent customer portfolio, choosing Max as the leading card and first in the wallet thanks to the good value proposition from the bank's card. The significant increase in turnover And various financial services that compete with banks, both for private and business customers, such as: a loan on good terms from the bank, a (bank) guarantee for businesses and the transfer of foreign currency directly from the credit card quickly and transparently. "

"We recently announced the launch of an innovative card that looks like no other in the Israeli market, MaxBack Crypto, which returns Bitcoin for shopping. Max has become the first financial entity in Israel to offer many Israelis savings and investment in digital currencies, through an Israeli company, without cost or bureaucratic burden."

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