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Mizrahi Tefahot Q1 profit rises 17.8% YOY

Mizrahi Tefahot Bank Ltd. reported first-quarter net profit attributable to shareholders of 404 million Israeli shekels, up from 343 million shekels in the same period in 2018.

EPS for the period was 1.72 shekels, compared to the year-ago 1.46 shekels.

The annualized return on equity came in at 11.3% in the period, compared to 10.3% a year ago.

Net interest revenues rose on a yearly basis to 1.23 billion shekels from 1.08 billion shekels, as did commissions income, to 383 million shekels from 362 million shekels.

Expenses with respect to credit losses amounted to 76 million shekels, down from 82 million shekels year over year. The bank's provision for taxes on profit was 213 million shekels in the period, compared to the year-ago 192 million shekels.

As of March 31, the bank's Tier 1 capital ratio stood at 10.12%, compared to 10.16% a year earlier. Its leverage ratio stood at 5.54%, compared to 5.43% a year earlier.

The cost-income ratio was 58.1% in the period, compared to 59.1% a year earlier.

The bank said it aims to resume the dividend distribution policy in the second quarter or after that.

As of May 17, US$1 was equivalent to 3.57 Israeli shekels.