Mizrahi Tefahot Bank announced net profits of NIS 1.4 billion for the third quarter of 2024, a 30% increase over the corresponding quarter of 2023 with the highest return on equity – 19% – of any Israeli bank announced to date.
The bank’s net interest income reached 3.16 billion shekels in the third quarter, an increase of 6.7% over the corresponding quarter of last year, with the bank confirming that since the beginning of the year, the growth trend in financing income from current activities has gradually recovered. Like its competitors, the bank reported sharp growth in credit to the public, the highest of any bank to date – 7.6% as of the end of September (compared to the end of September last year). The total loans provided to the public amounted to 348.3 billion shekels.
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40% dividend distribution
The bank will distribute profits of 40% of the third quarter’s profits, with a total value of 570 million shekels. Since the beginning of the year, the bank would have distributed dividends worth 1.7 billion shekels.
Mizrahi-Tefahot Bank CEO Moshe Lari said, “The bank’s results reflect our ability to successfully maintain the bank’s growth momentum even during a long war and a challenging environment. This remarkable success is due, first and foremost, to the bank’s several thousand excellent employees. “They drive the bank forward with their commitment and dedication, driving it to exceptional achievements quarter after quarter, for which we are very grateful.”
Published by Globes, Israel Business News – en.globes.co.il – on November 21, 2024.
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