Net interest revenue grew 6.8% to NIS 562 million.
First International Bank of Israel (TASE: FTIN) today published its first quarter results, reporting a 12.9% increase in net profit to NIS 166 million. Net revenue from interest was up 6.8% to NIS 562 million, while return on equity was 9.3% at the end of March, compared with 8.5% at the end of the first quarter of 2016 and 7.2% at the end of 2016. Credit rose 4.6% and deposits by 2.3%.
When approving the reports, the board of directors decided to distribute a NIS 70 million dividend.
On the occasion of the publication of the first quarter reports, First International Bank CEO Smadar Barber-Tsadik said, "The improved first quarter results of First International Bank's international activity reflect a growth trend in the group's core activity that continued this quarter, with careful dispersal of credit and maintaining of proportionate risk. Emphasis was also put on growing sectors, such as the haredi (ultra-Orthodox) population, among other things thanks to the merger with Poalei Agudat Israel Bank, and the private banking sector, thanks to the merger with Ubank. These two successful mergers have facilitated cost cutting and continued growth in these leading sectors. Furthermore, the downtrend in expenses continued in the first quarter, encompassing all expense items, a trend that is the result of streamlining measures. The bank's high capital ratios are facilitating both sustained growth and continuance of its dividend policy."
Published by Globes [online], Israel Business News - www.globes-online.com - on May 23, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Smadar Barber-Tsadik Photo: Tamar Matsafi