Mizrahi Tefahot Bank has reported a profit of NIS 1.37 billion for the first quarter of 2023, 18.5% higher than in the corresponding quarter of 2022, and a return on equity of 22.4%. The bank will distribute a dividend of NIS 410 million, 30% of the quarterly profit.
Mizrahi Tefahot’s credit portfolio grew by 10.4% to NIS 312.3 billion at the end of the quarter. Its interest income totaled NIS 3.15 billion, 47% more than in the corresponding quarter.
Mizrahi Tefahot subsidiary Bank Yahav posted a net profit of NIS 97 million for the first quarter, double the NIS 48 million in the corresponding quarter, and return on equity of 17.6%, which compares with 10% in the corresponding quarter.
The bank made credit loss provisions of NIS 227 million in the first quarter of this year, which compares with NIS 79 million in the corresponding quarter.
Mizrahi Tefahot Bank CEO Moshe Lari said, "The rapid change in the interest rate environment has caused difficulties for many customers, both households and businesses, in the various segments. Mizrahi is acting continually, every day, through the bankers at its branches and in its business units, to present the various customers with a basket of solutions that will enable them to get through this complicated period in the best possible way."
Published by Globes, Israel business news - en.globes.co.il - on May 17, 2023.
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