Israel Credit Cards-Cal Ltd. (ICC-Cal) (Visa) today published its financial report for the third quarter of 2013. Despite increased use of its credit cards, revenue was flat and net profit fell 32% to NIS 37 million. The drop in profits was mainly due to higher payments to the company's owners - Israel Discount Bank (TASE: DSCT) and First International Bank of Israel (TASE: FTIN) - for the distribution of credit cards.
Net profit was NIS 104 million in January-September, 35% less than in the corresponding period of last year.
Use of ICC-Cal's credit cards totaled NIS 15.1 billion in the third quarter, 7.5% more than in the corresponding quarter. Revenue was flat at NIS 291 million, mainly because of lower interchange fees
ICC-Cal, run by CEO Doron Sapir, had 1.71 million active credit cards at the end of September, 100,000 more than at the beginning of the year.
After a long period of stagnation in non-bank credit, ICC-Cal is now showing growth: non-bank credit to its private customers was NIS 1.97 billion at the end of September 4% more than at the beginning of the year.
Published by Globes [online], Israel business news - www.globes-online.com - on November 21, 2013
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