Full coverage · Economy · Updated 17 Aug, 18:45
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.
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What happened 01 Max's net profit rose 13% in Q2 to 80 million shekels, excluding one-time VAT provision effects. 02 Auto loan portfolio grew 30% year-over-year to 5.1 billion shekels, 37% of total credit. 03 Total credit portfolio expanded 13.6% annually to about 14 billion shekels. 04 Half of Max's active cards are non-bank issued, the highest in the Israeli credit card market. 05 Payment processing revenues fell 5% due to fierce competition, impacting profits. 06 Credit quality improved with lower net write-offs and reduced credit loss provisions. Translated and summarized by baba from Calcalist , the latest report. Read Calcalist’s original The coverage
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