Mizrahi Tefahot Bank today reported a jump in net profit for the third quarter of 2022. Net profit in the third quarter of 2022 was NIS 1.178 billion up 39.4% from NIS 845 million in in the corresponding quarter of 2021. Net profit for the first nine months of 2022 was NIS 3.385 billion, up from NIS 2,509 million in the corresponding period in 2021 and net profit of NIS 3.188 billion for full year 2021.
The bank reported accelerated growth in loans to the public. At the end of the third quarter loans to the public totaled NIS 304.1 billion, up 17.1% compared with the corresponding period in 2021.
Return on equity in the third quarter of 2022 was 20.8% and return on equity in the first nine months of 2022 was 20.6%. Cost-Income ratio in the third quarter of 2022 was 43.3% and 43.8% in the first nine months of this year. Mizrahi Tefahot Bank will distribute a dividend of NIS 353.4 million - 30% of the profit in the third quarter of 2022.
Mizrahi Tefahot Bank CEO Moshe Lari said, "The results posted by Mizrahi Tefahot in the third quarter of 2022 and in the first nine months of this year reflect continuous growth of bank business, in view of changes to the local and global macro-economic environment in recent months, and the impact thereof on banking operations in general and on Mizrahi Tefahot's balance sheet in particular.
"This growth in bank business is evident in developments of major balance sheet items as of the end of the third quarter of 2022 compared to the year-ago period: Total assets amounted to NIS 429.8 billion, an increase of 13.2%; loans to the public amounted to NIS 304.1 billion, an increase of 17.1% - with loans to the business sector in various segments increasing by 29.7% in this period; deposits from the public amounted to NIS 345.3 billion, an increase of 13.6%; and shareholder equity amounted to NIS 23.0 billion, an increase of 10.4% compared to September 30, 2021.
Published by Globes, Israel business news - en.globes.co.il - on November 28, 2022.
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