RAPAPORT… Israeli financial institution Peninsula saw profits surge after the company bought Union Bank’s diamond business last year.
Group-wide income from interest more than doubled year on year to ILS 45.8 million ($14.1 million) for the first quarter ending March 31, Peninsula said last week in a results statement. Net profit rose to ILS 22.2 million ($6.8 million) from ILS 8.1 million ($2.5 million) a year earlier. The September acquisition was the main reason for the spike, the company added.
Peninsula paid Union Bank ILS 76 million ($23.4 million) to buy its portfolio of diamond loans, which totaled around ILS 192 million ($59 million).
Image: International Diamond Week in Israel, February 2018. (Three Photographers)
Diamond Acquisition Pays Off for Israeli Lender
The Bottom Line
- Peninsula's group-wide interest income more than doubled to ILS 45.8 million ($14.1 million) in Q1 2024.
- Net profit increased to ILS 22.2 million ($6.8 million), up from ILS 8.1 million ($2.5 million) the previous year.
- The September 2023 purchase of Union Bank’s diamond loan portfolio for ILS 76 million ($23.4 million) drove the financial gains.
More Stories
Star Diamond Names New CEO
Jean Raymond Boulle II will succeed Lester Kemp, who served as interim chief.
Plumb Club and JVC to Collaborate on Advocacy, Ethical Practices
New partnership aims to strengthen jewelry sector.
Christie’s Puts $12M Price Tag on Pink Diamond
Auction house will also offer Cartier ruby brooch for $7.7 million at Hong Kong sale.
