Israeli lender First International Bank reported lower third-quarter net profit while expanding credit to the public. Net income fell 12.6 per cent to 508 million shekels, while lending rose 21.9 per cent from a year earlier. The bank also approved a dividend equal to half its quarterly profit.
First International Bank of Israel reported lower third-quarter profit than a year earlier.[1], [2]
First International Bank of Israel reported third-quarter net income of 508 million shekels, compared with 581 million shekels a year earlier. The bank put the fall at 12.6 per cent. Return on equity was 13.8 per cent; excluding the special tax levy, the bank calculated that ratio at 15.3 per cent.[1]
Credit to the public reached 172.4 billion shekels at the end of September, up 21.9 per cent annually and 5 per cent from the preceding quarter. The bank attributed the increase to credit for financial services. Public deposits grew 4.6 per cent to approximately 243.8 billion shekels. Customer asset portfolios increased 16.9 per cent to approximately 1.26 trillion shekels.[1]
The board approved a dividend of 254 million shekels, equivalent to 50 per cent of quarterly net income. Nine-month net income fell 10.1 per cent to 1,571 million shekels. Over that period, net revenue decreased 4.7 per cent to 5,085 million shekels, while commission income increased 6.1 per cent to 1,400 million shekels. The tier-one equity ratio stood at 10.28 per cent.[1]
