Cal Credit Card Company Reports 10% Net Profit Rise in Q3
Translated & summarized from Globes by baba
Credit card company Cal reported a net profit of 99 million shekels in Q3 2026, a significant recovery from a loss last year, with adjusted profits up 10%. Revenues increased 2% to 889 million shekels, while total expenses decreased significantly due to the absence of one-time charges. For the first nine months, net profit surged to 281 million shekels. The company is undergoing strategic changes, including launching a new loyalty program and facing the expiration of a major acquisition deal.
The story in 6 lines · by baba
- Cal reported a 99 million shekel net profit in Q3 2026, recovering from a loss last year.
- Adjusted net profit for Q3 2026 increased by approximately 10% compared to the prior year.
- Total revenues for the quarter rose 2% to 889 million shekels, with expenses falling sharply.
- Net profit for the first nine months of the year reached 281 million shekels, more than tripling.
- Cal launched a new loyalty program, Flyall, after losing El Al's Flycard to Isracard.
- A deal to sell Cal to Union Group and Harel Investments expired on November 1st.
Cal, the credit card company controlled by Bank Discount and led by CEO Yafit Grani, reported a net profit of 99 million shekels in the third quarter of 2026. This marks a significant turnaround from a loss of 88 million shekels in the same period last year. The prior year's loss was primarily attributed to a one-time provision related to VAT assessments that affected all credit card companies. When adjusted for these provisions, the profit for that quarter was 90 million shekels, indicating a roughly 10% increase on a comparable basis.
Cal's revenues for the quarter reached 889 million shekels, a 2% increase year-over-year. Revenue from credit card transactions grew by 2% to 610 million shekels, while net interest income rose by 6% to 266 million shekels, driven by increased credit activity. Total expenses decreased to 750 million shekels from 980 million shekels in the prior year's quarter, which included the one-time charges. Operating expenses fell to 318 million shekels from 471 million, and sales and marketing costs dropped to 221 million shekels from 300 million.
For the first nine months of the year, Cal posted a net profit of 281 million shekels. This is more than triple the profit of 82 million shekels in the corresponding period last year and more than double the profit for the entirety of 2025, which was 129 million shekels. Revenues for the nine-month period increased by 5% to 2.5 billion shekels, while expenses for credit losses rose by 10% to 190 million shekels.
The company's results come during a period of significant transition. In April, El Al's frequent flyer program, Flycard, moved from Cal to Isracard, prompting Cal to launch its own new loyalty program, Flyall. Additionally, an agreement for the sale of Cal to George Horesh's Union Group and Harel Investments, valued at up to 4 billion shekels, expired on November 1st without completion. The Antitrust Commissioner had conditioned approval on Union's sale of its holdings in Super-Pharm, among other requirements. Bank Discount holds approximately 72% of Cal's shares, with the International Bank holding the remaining 28%. Bank Discount is legally required to divest its stake by April 2027, unless an extension is granted.
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