First Int'l Bank profit down in fourth quarter

Smadar Barber-Tsadik Photo: Tamar Matsafi

The bank's return on equity in 2016 was 7.2%.

First International Bank of Israel (TASE: FTIN), managed by CEO Smadar Barber-Tsadik, today published its financial statements for the fourth quarter of 2016 and the entire year. The bank's annual net profit grew 16.8% to NIS 521 million, but fell 5% to NIS 112 million in the fourth quarter.

First International Bank's return on equity totaled 7.2% in 2016 and 6.2% in the fourth quarter. Net revenue from interest was up 11% to NIS 2.17 billion in 2016. Credit to the public rose 7.7% in 2016, and deposits grew by 6.3%.

The First International board of directors decided to distribute a NIS 70 million dividend, following distribution of a NIS 200 million dividend in the fourth quarter of 2016.

Barber-Tsadik said, "The results reflect the bank's strategic focus on continued growth, while maintaining a proportionate risk, financial soundness, and a consistent and ongoing improvement in the group's efficiency. Cost-cutting was stressed this year as part of the bank's long-term strategic plan. The results of the bank's measures are already visible in its results, smaller staff, less real estate space, and better efficiency ratio."

Published by Globes [online], Israel Business News - www.globes-online.com - on March 16, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Smadar Barber-Tsadik Photo: Tamar Matsafi
Smadar Barber-Tsadik Photo: Tamar Matsafi
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