Israel's fourth largest bank saw profit grow in both the fourth quarter and full year 2015.
Israel's fourth laregest bank Mizrahi Tefahot Bank (TASE:MZTF) has reported its financial results for the fourth quarter and full-year 2015 with annual net profit of NIS 1.134 billion, up 4% from NIS 1.092 billion in 2014. Revenue in 2015 was NIS 5.392 billion, up 8% from 2014.
In the fourth quarter of 2015, revenue was NIS 1.337 billion down 7% from NIS 1.442 billion in the preceding quarter of 2014 but up 5% from NIS 1.272 billion in the corresponding quarter of 2014. Fourth quarter net profit was NIS 240 million, up 18% from NIS 203 million in the corresponding quarter of 2014. The bank will distribute a dividend of NIS 36 billion.
The bank's equity rose 7.9% at the end of 2015 to NIS 11.847 billion with equity returns down to 10% from 10.6% at the end of 2014. Credit to the public was up 7.9% at the end of 2015 to NIS 159.2 billion and tier 1 capital ratio was 9.5%.
Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2016
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Mizrahi Tefahot