First Int'l Bank profit up 45% in Q2

First International Bank of Israel (TASE: FTIN) today reported the highest return on equity of any bank in Israel for the second quarter. The bank, managed by CEO Smadar Barber-Tsadik, earned a NIS 219 million profit in the second quarter, 45% more than in the second quarter of 2017, reflecting an 11.7% return on equity. The high return on equity was attributable to a NIS 33 million one-time profit on the sale of the offices of Bank Otsar Hahayal in Ramat Gan.

First International Bank's profit in the first half of 2018 was NIS 352 million, 12.5% more than in the first half of 2017. This profit represents a 9.5% return on equity. The bank's second quarter financing revenue rose 5.5% to NIS 615 million. Expenses for credit losses remained stable and low at NIS 54 million, compared with NIS 53 million in the corresponding quarter last year.

First International Bank's credit portfolio has grown 3.2% since the beginning of the year. Particularly prominent was the bank's 4.5% growth in the household sector, while its credit portfolio in the small businesses sector jumped 7%, despite a decision reported this year to cut its exposure to the small businesses sector due to an increase in the risk.

Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2018

First Int'l Bank profit up 45% in Q2

The sale of the Bank Otsar Hahayal's offices boosted First International Bank's return on equity.