Economy · Full coverage

Cal Reports 42% Profit Rise to NIS 104 Million Despite One-Time El Al Refund

How 2 Israeli newsrooms covered this story — translated into English and compared side by side.

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First reported by Calcalist · 21 hours ago

What happened

Cal reported a 42% profit increase to NIS 104 million in Q2 2023, boosted by a one-time El Al refund. Adjusted for this, ongoing profits declined despite revenue growth. The company faces challenges from the upcoming end of its El Al agreement, losing 9.3% of its card base, while pursuing new growth through the Fly All card and other initiatives.

01Cal's Q2 net profit rose 42% to NIS 104 million, including a one-time NIS 18 million net refund from El Al.
02Adjusted ongoing profit declined to NIS 86 million despite 6.6% revenue growth to NIS 843 million.
03Credit portfolio grew 16.4% to NIS 17.8 billion, with vehicle financing expanding notably.
04Transaction volume reached NIS 55 billion with 4.16 million active cards, and foreign transaction fees rose 14.5%.
05Operating expenses increased due to higher fees to Visa and Mastercard and credit loss provisions rose 20%.
06Cal is undergoing ownership change and faces losing 381,000 cards after El Al ends its agreement, about 9.3% of its base.

Summary translated & synthesized from the sources below by baba. Read each original for the full report.

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Yafit Griani