Government austery measures began to reach people’s pockets, according to the data available in Ran Oz, CEO of Iscard (Israel’s largest credit card company. Oz says that the income of Israel is confused, and he focuses on spending as food, where inflation appears to be higher than statistics statistics on statistical numbers of statistics figures.
In the first quarter of this year, Israel posted 10% increase in income, in NIS 838 million. Growth comes from the use of more credit card, but also from expanding company credit portfolio, which has become an important growth machine for it. The net profit of Isacard fell 14% to 55 million, due to an instance of NIS 62 million costs from cancellation of investment agreement with Menora Mivtachim. Canceling about the agreement for the acquisition of Israel’s administrator waiting to approve the supervisor of banks.
“A large portion of the increase in consumption spent due to price increases,” says Oz. “While the central Bureau of Statistics reported annual inflation of 3% (3.6% of twelve months until the end of April, HS), in the main areas of price of price more than 10%.
“It can’t be that people are buying a lot more food; they keep eating much the same quantities. It follows a lot more insurance. I have it that they are that what happened in the first quarter is that and some point the decline in disposable incosable Starts to filter through. All the austerity measures that have been imposed people since January gradually catch up with them. “
Fast credit card progress
Based on the provision of credit loss for the first quarter, the quality of the credit portfolio that Israel is good to look. Credit loss costs falling from NIS 75 million in the first quarter of 2024 to 69 million in the first quarter of this year. Indeed, the writing of Israel caused continued fall, saying Oz was the testimony of hard work to improve credit portfolio. The portfolio grows NIS 528 million in the first quarter, and nis 1 billion years-year, reached by NIS 10.3 billion at the end of March.
Turnover of credit cards worth 61.1 billion in the first quarter, which represents a year-year-old increase in 10%. Israel is also preparing to become a bank. An Israeli-led committee in Banking management in banking is currently employed to provide comfort to entities such as Israel with small banks). Israel at the moment has equity of Sharcholders in NIS 3.1 billion, and a tier-1 capital raticacy ratio of 11.3%, higher than 8% higher than the regulations.
Published in Globes, Israel News in News – en.globes.co.il – On May 21, 2025.
© Copyright in Globes Publisher Itonut (1983) Ltd., 2025.
