Full coverage· Economy· Updated
Max Credit Card Company Reports 30% Surge in Auto Loan Portfolio in Q2
Max credit card company posted a 13% net profit increase in Q2 2024, driven by a 30% surge in its auto loan portfolio to 5.1 billion shekels. Despite challenges from regional tensions and competition, Max maintained strong credit quality and industry-leading efficiency, with half its active cards now non-bank issued.
2 newsrooms · 1 language · since
Plus
What happened
- 01Max's net profit rose 13% in Q2 to 80 million shekels, excluding one-time VAT provision effects.
- 02Auto loan portfolio grew 30% year-over-year to 5.1 billion shekels, 37% of total credit.
- 03Total credit portfolio expanded 13.6% annually to about 14 billion shekels.
- 04Half of Max's active cards are non-bank issued, the highest in the Israeli credit card market.
- 05Payment processing revenues fell 5% due to fierce competition, impacting profits.
- 06Credit quality improved with lower net write-offs and reduced credit loss provisions.
The coverage
2 newsrooms on this story
Who covered it
- LeftNone
- CentreNone
- RightNone
- HarediNone
- ArabNone
- Other2
How it broke
See which of the 2 newsrooms broke it, and who waited