Isracard Issues 250,000 FlyCard Credit Cards, Projects Up to NIS 1.6 Billion Annual Profit
Isracard reported strong Q2 results with revenues up 11% to NIS 954 million and a net profit of NIS 80 million. The issuance of FlyCard credit cards to El Al frequent flyers surpassed 250,000, driving significant profit growth. The company’s credit portfolio grew past NIS 13 billion, and it plans to launch Isracard Bank while implementing cost-saving measures.
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- Isracard's Q2 revenues rose 11% to NIS 954 million with a net profit of NIS 80 million.
- FlyCard credit cards issued surpassed 250,000, adding 200,000 in four months.
- FlyCard growth supports forecasted NIS 1.2-1.6 billion pre-tax profit increase.
- Credit portfolio exceeded NIS 13 billion, up 20% year-over-year.
- Business credit portfolio grew by NIS 500 million and 15% in six months.
- Isracard plans cost-saving measures and is developing Isracard Bank.
Isracard, led by CEO Itamar Forman and controlled by the Delek Group, reported an 11% revenue increase in the second quarter, reaching NIS 954 million. The company posted a net profit of NIS 80 million, a significant turnaround from a NIS 150 million loss in the same period last year, which had been affected by a one-time VAT ruling related to travelers abroad.
A major driver of this growth is the FlyCard credit card, issued to El Al's frequent flyer club members. The number of FlyCard credit cards issued by Isracard surpassed 250,000, marking a surge of 200,000 new non-bank credit cards in just four months. This milestone is considered a strategic success by the company and supports Isracard's forecast of an additional NIS 1.2 to 1.6 billion in pre-tax profit during the agreement period.
Isracard's credit portfolio also exceeded NIS 13 billion for the first time, a 20% increase compared to the same quarter last year, with an annual growth rate of about NIS 2.5 billion. The company recorded record growth in its business credit portfolio, expanding by approximately NIS 500 million and 15% over six months, maintaining its position as the largest in the sector.
The company is advancing cost-efficiency measures expected to save tens of millions of shekels within the year. Additionally, Isracard is working on establishing Isracard Bank, leveraging its strong business division, large credit portfolio, leadership in payment processing, unique offering of business accounts and banking services, and its extensive private customer base in Israel.
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