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Isracard's Q3 profit up 4%
Largest credit card company in Israel reports quarterly net profit rose to NIS 56 million as revenues fell to NIS 416 million
Reuters
Israel's largest credit card company, Bank Hapoalim unit Isracard, on Sunday reported a 4% rise in third-quarter net profit as its payments to banks fell.
Isracard's quarterly net profit edged up to NIS 56 million (about $14.7 million) from NIS 54 million ($14.19 million) a year earlier.
Revenue fell to NIS 416 million ($109 million) from NIS 422 million ($111 million) due to a drop in interest income.
Payments to banks decreased 14% in the quarter due to one-off payments in the year-earlier quarter as well as a decline in commission rates for card issuers.
Isracard said it focused in the quarter on non-banking credit as an important growth engine for the company and it plans on continuing to develop this market in 2010.
The number of its cards in circulation grew 4% from a year earlier to NIS 3 million ($790,000).
Hapoalim, Israel's second-largest bank, will report its full financial results on November 25.
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