Mizrahi Tefahot Bank (TASE:MZTF) today published its financial results for the fourth quarter of 2016 and the entire year. The bank's fourth quarter net profit totaled NIS 265 million, 10.4% more than in the fourth quarter of 2015. Net profit rose from NIS 1.13 billion in 2015 to NIS 1.26 billion in 2016, an 11.6% increase. Mizrahi Tefahot Bank's return on equity improved from 10% in 2015 to 10.2% in 2016. The bank will distribute a NIS 40 million dividend from its fourth quarter profit.
Mizrahi Tefahot Bank's revenue grew 4.6% to NIS 5.6 billion in 2016. The bank said that its increased in revenue was due to a rise in activity, despite the low interest rate and inflation environment and stiffer regulation, particularly involving fees.
An analysis of the bank's areas of business shows that financing revenue rose 10.4% to NIS 3.87 billion in 2016. Revenue from mortgages granted by the bank grew 11% to NIS 1.1 billion, and revenue from business and retail banking was up 10.7%.
The report on remuneration for Mizrahi Tefahot Bank's senior executives shows that the cost of CEO Eldad Fresher's 2016 salary was NIS 4.4 million, including NIS 2.38 million in base pay, NIS 678,000 in bonuses, NIS 758,000 in social benefits, and NIS 450,000 in share-based payments. Fresher also received other benefits totaling NIS 145,000.
The cost of Mizrahi Tefahot Bank chairman Moshe Vidman's salary totaled NIS 3.4 million, including NIS 2.65 million in base pay.
Published by Globes [online], Israel Business News - www.globes-online.com - on March 21, 2017
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