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Israel's Mizrahi-Tefahot Bank Q2 profit up 17.6 pct
August 29, 2017 / 6:58 AM / 23 days ago

Israel's Mizrahi-Tefahot Bank Q2 profit up 17.6 pct

JERUSALEM, Aug 29 (Reuters) - Mizrahi-Tefahot, Israel’s third-largest bank, reported on Tuesday a 17.6 percent jump in second-quarter net profit, boosted by higher financing income and lower provisions for credit losses.

Israel’s largest mortgage lender said its net profit in the quarter was a record 400 million shekels ($112 million) compared with 340 million a year earlier.

Financing income in the quarter rose 10 percent to 1.19 billion shekels. Its credit loss provision slipped to 42 million shekels from 57 million.

For the quarter, the bank will distribute a dividend of 120 million shekels following a dividend of 96.3 million in the first quarter.

The bank’s Tier I capital ratio, a key measure of its financial strength, rose to 10.15 percent at the end of June from 9.72 percent in 2016.

Mizrahi on July 31 said it was in talks to buy smaller rival Union Bank, Israel’s sixth-largest bank. ($1 = 3.5816 shekels) (Reporting by Tova Cohen)

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