Israel’s First International Bank Rises in First-Quarter Profits and Pays Dividend

A man talks on his mobile phone as he walks past a branch of the First International Bank of Israel in Jerusalem January 27, 2014. REUTERS/Baz Ratner

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JERUSALEM, May 24 (Reuters) – First International Bank of Israel (FIBI)

First-quarter net profit was 322 million shekels ($96 million), down from 304 million shekels a year earlier. The bank’s board approved a dividend payout of NIS 160 million.

FIBI said it had no credit loss charges for the quarter, after credit loss income of 9 million shekels last year.

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The total value of problem loans fell 22% from the same period last year and 12.4% from the end of 2021, he said.

Net interest income rose 11% to NIS 744 million.

CEO Smadar Barber-Tsadik said the quarterly results showed “continued growth in the bank’s current core operations across the various business areas.”

“We have achieved all of this while maintaining a high level of capital adequacy enabling growth, as well as financial stability and asset quality,” she said.

The bank’s Tier 1 capital ratio fell to 10.79% from 11.46% at the end of 2020.

($1 = NIS 3.3451)

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Reporting by Ari Rabinovitch, Editing by Louise Heavens

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