Mizrahi Tefahot Q1 profit up 11.5% to NIS 321m

Eldad Fresher Photo: Tamar Matsafi

Mizrahi Tefahot Bank has declared a dividend of 30% of the quarterly profit, NIS 96.3 million.

Mizrahi Tefahot Bank (TASE:MZTF) released its first quarter financials today, showing an 11% rise in quarterly net profit to NIS 321 million from NIS 288 million in the first quarter of 2016. Financing income rose 24.1% to NIS 1.026 billion.

For the first time, in accordance with the bank's revised dividend policy, it will distribute a dividend of 30% of the quarterly net profit, amounting to NIS 96.3 million.

Mizrahi Tefahot CEO Eldad Fresher said on the release of the first quarter report, "The first quarter results indicate continued expansion of the bank's business, with good growth in revenue and control of expenses, resulting in higher profitability and the rate of dividend paid to shareholders. All the main measures show growth: financing income and revenue from regular activities, credit and deposits, and the balance sheet footing.

"In the first quarter of 2017 the bank's new strategic plan got underway. One of its main goals is a focus on corporate banking. Since the beginning of the year, the bank has introduces several measures in this respect, in expanding service to businesses in the branches and in drawing up special marketing programs. This was done alongside measures aimed at strengthening the synergy between the bank's three profit centers: corporate, retail, and financial."

Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2017

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

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Eldad Fresher Photo: Tamar Matsafi
Eldad Fresher Photo: Tamar Matsafi
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