Bank Hapoalim's Isracard Q4 profit flat, revenues rise

JERUSALEM Thu Feb 28, 2013 3:39am EST

JERUSALEM Feb 28 (Reuters) - Bank Hapoalim unit Isracard, Israel's largest credit card issuer, reported flat fourth quarter profit on Thursday amid slower economic growth in the second half of the year.

Isracard posted fourth-quarter net profit of 49 million shekels ($13 million), the same as in the year earlier period excluding the sale of shares in MasterCard Inc. Revenue grew 4 percent to 442 million shekels.

The number of its cards in circulation rose 6 percent in 2012 to 3.61 million.

"During the year, Isracard placed an emphasis on maintaining its spending levels in order to offset the macro-economic environment," Chairwoman Irit Izakson said.

She noted that Isracard continued to strengthen its capital base to meet stricter regulatory directives. Its capital adequacy ratio rose to 15.7 percent in 2012 from 14.0 percent in 2011.

Hapoalim, Israel's largest commercial lender, will report its financial results next month.

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