Opel Balance: 24% profit – capital market

Financial Services Company

Opel Balance
+ 0.06%

Base:342.8

opening:342.8

High:345

low:342.8

change:95,407

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Reports on the results of the fourth quarter and 2020: Revenues in the quarter amounted to NIS 13.4 million, a decrease of 24% compared to revenues of NIS 17.6 million in the corresponding quarter. After deducting provisions for credit losses, revenues amounted to NIS 12.1 million (90.4% of the total amount), a decrease of 14% compared to NIS 14.1 million (80% of revenues) in the corresponding period. The net profit for the quarter amounted to NIS 5.3 million, a decrease of 24% compared to NIS 7.0 million a year earlier. The company announced a dividend of NIS 4 million.

Revenues for the entire year amounted to NIS 57.5 million, a decrease of 13% compared to NIS 66.3 million in 2019. After deducting provisions for credit losses, these are revenues of approximately NIS 47.3 million (82.3% of the total amount), a decrease of approximately 10.6% compared to approximately NIS 52.9 million (79.8% of revenues) last year. The net profit for the year amounted to NIS 20.6 million, a decrease of 23% compared to NIS 26.6 million in 2019. The decrease in net profit stems from a decrease in the company’s revenues attributed, both in the quarter and throughout the year, to reducing company promotion and improving the customer portfolio. The underwriting procedure.

Opel operates primarily with small and medium-sized businesses in the field of non-bank credit, and provides these with check discounting services and bridging loans. The total discount transactions in 2020 amounted to NIS 1.6 billion, a decrease of 9% compared to NIS 1.8 billion in 2019.

The company’s customer portfolio amounted to NIS 283 million at the end of 2020. According to the company, the recovery process led to a significant decrease in the provision for credit losses, which stood at NIS 215,000 in the quarter, which is about 0.05% of total discount transactions during the period. According to the company. The provision for the entire 2020 accumulated to NIS 4.9 million, out of a turnover of NIS 1.6 billion, ie, about 0.31% of the total discount transactions per year.

“We believe that as the economy returns to full activity, we will see growth and demand for credit from many businesses. We are prepared for the expected credit demands with a full basket of solutions, and favorable terms for customers,” he said. Danny Mizrahi, CEO of Opel Balance Investments. “Furthermore, we are preparing to open another branch which is expected to serve existing and new customers in the south of the country. We believe that the services we offer nationwide and the various solutions will contribute to future growth.”