March 3, 2020 / 11:13 AM / a month ago

Israeli credit card firm Isracard Q4 profit falls

TEL AVIV, March 3 (Reuters) - Isracard, Israel’s largest credit card company, posted on Tuesday lower fourth quarter net profit as revenue from credit card transactions was hit by a decline in interchange fees in compliance with new regulations.

Net profit in the quarter fell to 61 million shekels ($18 million) from 68 million a year earlier. Revenue slipped to 561 million shekels from 586 million.

The company’s board updated its dividend policy and said it would now distribute up to 35% of annual net profit, up from 20%. The company will pay out 73.2 million shekels for 2019, equal to 30% of net profit.

Shares in Isracard began trading in Tel Aviv last year after Bank Hapoalim sold a 65.2% stake in the credit card company to institutional investors and the general public.

Last month Hapoalim said it will distribute its 33% stake in Isracard as a dividend in kind to the bank’s shareholders in March. ($1 = 3.4533 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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