Mizrahi Tefahot Bank has reported net profit of NIS 1.4 billion for the third quarter of 2024, up 30% from the corresponding quarter of 2023 with the highest return on equity (ROE) - 19% - of any Israeli bank that has reported so far.
The bank’s net interest income was NIS 3.16 billion in the third quarter, up 6.7% from the corresponding quarter last year, with the bank stressing that since the beginning of the year, the growth trend in financing income from current activities has gradually recovered. Similar to its rivals, the bank reported sharp growth in credit to the public, the highest of any bank so far - 7.6% as of the end of September (relative to the end of September last year). Credit to the public totaled NIS 348.3 billion.
Dividend of 40% of profit
The bank will distribute a dividend of 40% of third quarter profit totaling NIS 570 million. Since the beginning of the year the bank would have distributed NIS 1.7 billion in dividends.
Mizrahi Tefahot bank CEO Moshe Lari said, "The Bank’s results reflect our ability to successfully maintain the Bank’s growth momentum even during a prolonged war and challenging environment. This impressive success is attributed, first and foremost, to the many thousands of the Bank’s excellent employees, who push the Bank forward with their commitment and dedication, and lead it to extraordinary achievements, quarter after quarter, and for that we are immensely grateful."
Published by Globes, Israel business news - en.globes.co.il - on November 21, 2024.
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