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Bank Hapoalim's Isracard Q1 profit up 28 percent
May 28, 2013 / 10:15 AM / 4 years ago

Bank Hapoalim's Isracard Q1 profit up 28 percent

JERUSALEM, May 28 (Reuters) - Bank Hapoalim unit Isracard, Israel’s largest credit card company, reported a 28 percent rise in quarterly profit on Tuesday, boosted by higher revenues and consumer spending.

Isracard posted first-quarter net profit of 74 million shekels ($20 million), excluding the sale of shares in MasterCard Inc, up from 58 million shekels during the first three months of 2012.

The volume of customer purchases rose nine percent in the quarter to 26.8 billion shekels. Revenue, excluding the sale of shares in MasterCard, increased one percent to 432 million shekels.

Isracard said the number of its cards in circulation rose 6 percent to 3.67 million.

Hapoalim, Israel’s largest commercial lender, was scheduled to report financial results later this week.

“Isracard continues to focus on maintaining its level of expenses in order to offset the impact of the macroeconomic environment,” said Chairwoman Irit Izakson.

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