Mizrahi Tefahot Bank (TASE:MZTF) today reported record second quarter profit of NIS 330 million, up 7.5% from NIS 307 million in the corresponding quarter of 2014. Return on equity for the quarter was 12.4%, down from the corresponding quarter.
Financing revenues in the second quarter were NIS 1.037 billion, up 12.6% from NIS 921 million in the corresponding quarter last year. Commission revenue in the second quarter was NIS 365 million, up 8% from NIS 338 million in the corresponding quarter. Cost-Income ratio was 58.4% and ratio of Tier I capital to risk elements at end of the quarter was 9.3%.
The bank will distribute a dividend of NIS 49.5 million with respect to second quarter earnings.
Mizrahi Tefahot Bank CEO and president Eldad Fresher said, "Net profit amounting to NIS 330 million in the second quarter of 2015 means a record quarter for us, reflecting the fact that Mizrahi-Tefahot continued to grow its range of operating segments, with consistent growth in its customer base as well as in branch presence and service-oriented staff - which is opposed to the current trend in the banking system. The Bank's reported return on equity for the second quarter, at 12.4%, is a notable positive, given the expansion of the capital base by 10.1% compared to the corresponding period last year and given the continued lower interest rate and implications of regulatory measures on Bank operations in various areas."
Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2015
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