First International Bank of Israel (TASE: FTIN) today published its first quarter results, reporting a NIS 147 million net profit, compared with NIS 125 million in the corresponding quarter last year, a 17.6% increase. Revenue was up slightly to NIS 899 million. Return on equity rose from 6.5% in the first quarter of 2015 to 8.5% in the first quarter of 2016.
Credit to the public was up 5.4% to NIS 74.53 billion, while public deposits rose 6.8% to NIS 103.85 billion. The bank's capital adequacy ratio was 12.92%, and its core capital adequacy ratio was 9.92%.
Referring to her bank's results, First International Bank CEO Smadar Barber-Tsadik said, "The results for the first quarter of 2016 reflect the continued growth trend in the First International group, including an increase in the bank's credit portfolio and financing revenue. Growth in the credit portfolio is the result of implementing the bank's strategic plan, and the merger of UBank and Bank Poalei Agudat Israel with First International Bank, which was completed in 2015, will also contribute to the continuation of this growth.
"First International Bank is continuing its cost cutting and economizing measures, resulting in a clear drop in the bank's expenses, including salary expenses, while maintaining the group's financial soundness, as reflected in its capital ratios and liquidity, which are among the highest in the banking system."
Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2016
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