Mizrahi Tefahot Q4 profit more than doubles

Eldad Fresher

Mizrahi Tefahot Bank's board of directors have decided to distribute a dividend of NIS 176 million on fourth quarter profits.

Mizrahi Tefahot Bank (TASE:MZTF) this morning reported its financial results for the fourth quarter and full year 2019, one week after CEO Eldad Fresher announced that he is stepping down.

Mizrahi Tefahot's fourth quarter net profit was NIS 400 million, up 117.8% from NIS 202 million in the corresponding quarter of 2018. The bank's full year 2019 profit was NIS 1.84 billion, up 52.7% from NIS 1.2 billion in 2018.

Mizrahi Tefahot Bank's board of directors have decided to distribute a dividend of NIS 176 million on fourth quarter profits bringing the total dividend distributed from 2019's results to NIS 737 million.

The bank's return on capital in 2019 was 11.9%.

Fresher said, "The financial results for 2019 reflect reaching new records in a range of the main subjects and parameters in which the bank operates, while speeding up expansion and growing more rapidly than we even planned. Due to this, we have succeeded in bringing forward by two years the timetable for our current strategic plan, which we began in 2017 and which will now reach the targets we set for ourselves by the end of 2021."

He added, "The 2019 financial report shows record income of NIS 7.306 billion with financing income on operations of NIS 5.466 billion, and net profit of NIS 1.842 billion; return on capital reached 11.9%."

Fresher continued, "An additional rise was recorded in the market share of the banking group in Israel in relation to the four big banking groups: in credit to the public Mizrahi Tefahot has a 20.1% share of operations in the sector, and in deposits by the public, the bank's group has a 17.6% market share."

Published by Globes, Israel business news - en.globes.co.il - on February 25, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Eldad Fresher
Eldad Fresher
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