Mizrahi Tefahot Bank has reported a revenue of NIS 1.37 billion for the primary quarter of 2023, 18.5% increased than within the corresponding quarter of 2022, and a return on fairness of twenty-two.4%. The financial institution will distribute a dividend of NIS 410 million, 30% of the quarterly revenue.
Mizrahi Tefahot’s credit score portfolio grew by 10.4% to NIS 312.3 billion on the finish of the quarter. Its curiosity revenue totaled NIS 3.15 billion, 47% greater than within the corresponding quarter.
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Mizrahi Tefahot subsidiary Bank Yahav posted a internet revenue of NIS 97 million for the primary quarter, double the NIS 48 million within the corresponding quarter, and return on fairness of 17.6%, which compares with 10% within the corresponding quarter.
The financial institution made credit score loss provisions of NIS 227 million within the first quarter of this 12 months, which compares with NIS 79 million within the corresponding quarter.
Mizrahi Tefahot Bank CEO Moshe Lari stated, “The rapid change in the interest rate environment has caused difficulties for many customers, both households and businesses, in the various segments. Mizrahi is acting continually, every day, through the bankers at its branches and in its business units, to present the various customers with a basket of solutions that will enable them to get through this complicated period in the best possible way.”
Published by Globes, Israel enterprise information – en.globes.co.il – on May 17, 2023.
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