Provides non-banking credit services.
Melran finished 2025 with strong profitability and book growth, but the real test has shifted from growth itself to whether the company can hold credit quality and funding cost under control.
In Melran, the 2025 dividend and the 2026 incentive targets need to be read together with only NIS 1.372 million of year-end cash and a NIS 67.674 million operating cash outflow. This is not a distribution from surplus cash, but a capital-allocation move that depends on continue…
2025 was not an all-clear year in Melran's credit quality. Credit-loss expense fell to 0.5% of the book, Stage 3 kept shrinking to NIS 34 million and 3% of the portfolio, but in Q4 Stage 2 rose to NIS 40 million and 4% of the book. In other words, the old tail was cleaned up whi…
Melran has real funding flexibility, but it is built from a mosaic of 30-day revolving lines, bond series with different distribution guardrails, dedicated collateral packages and relatively expensive funding layers. The flexibility is real, but it does not rest on one simple, c…
