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.
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