Mizrahi Tefahot Bank (TASE:MZTF) reported lower profit for the first quarter of 2015. The bank said that net profit fell 9% to NIS 244 million in the first quarter from NIS 268 million in the corresponding quarter of 2014.
Return on equity was 9.2% compared with 11.3% in the corresponding quarter of 2014.
Total assets at end of quarter were NIS 201 billion up 8.8% compared with March 31 2014. Loans to the public at the end of the quarter amounted to NIS 150.7 billion, an increase of 6.8% compared with March 31 2014 while deposits from the public at the end of the quarter totaled NIS 153 billion, an increase of 5% compared with March 31 2014. Dividends to be distributed amount to NIS 36.6 million.
Mizrahi-Tefahot CEO Eldad Fresher said, "Mizrahi-Tefahot's financial statements for the first quarter show continued growth of Bank business with increase in shareholder equity - over NIS 11 billion for the first time ever, in balance sheet total which reached over NIS 200 billion, as well as in market share of loans and deposits. An unusual 1.6% decline in the Consumer Price Index in the first quarter - which we have not seen in Israel for the past 9 years - and accounting recording of fair value of derivatives resulted in a NIS 128 million decrease in net profit. This was against the backdrop of continued lowering of the Bank of Israel interest rate, to 0.1%,in the first quarter."
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2015
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