May 28, 2018 / 9:45 AM / 4 months ago

Israel's First International Bank Q1 profit dips on salary expense

JERUSALEM, May 28 (Reuters) -

* First International Bank of Israel (FIBI), the country’s fifth-largest bank by assets, on Monday reported a 17.5 percent fall in first-quarter profit mainly due to a one-time salary expense.

* FIBI posted quarterly net profit of 137 million shekels ($38 million), compared with 166 million a year earlier.

* Excluding one-time items, FIBI reported net profit of 169 million shekels versus 138 million in the same period last year.

* The bank incurred a non-recurring payroll expense of 45 million shekels and another expense of 24 million shekels for efficiency measures, the bank said.

* Its Tier 1 capital ratio edged down to 10.07 percent in March from 10.38 percent at the end of 2017.

* Net interest income rose to 584 million shekels from 562 million a year earlier while expenses from credit losses slipped to 27 million shekels from 34 million.

* ($1 = 3.56 shekels) (Reporting by Steven Scheer, Editing by Ari Rabinovitch)

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