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Mizrahi Tefahot Bank Q1 profit down 39 pct

Tue May 19, 2009 7:33am EDT

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JERUSALEM, May 18 (Reuters) - Mizrahi Tefahot Bank (MZTF.TA), Israel's fourth largest lender, reported a 39 percent drop in quarterly net profit due to sharply higher provisions for bad loans stemming from a weakening economy.

Mizrahi posted first-quarter net profit of 110 million shekels ($27 million), or 0.49 shekel per share, compared with 180 million shekels, or 0.80 shekel a share, a year earlier.

The bank was expected to have recorded net income of 110 million shekels, according to the average estimate of five analysts polled by Reuters.

The bad debt provision rose to 119 million shekels from 41 million a year ago.

Financing income before the provision rose to 584 million shekels from 549 million. ($1 = 4.12 shekels) (Reporting by Steven Scheer; Editing by Hans Peters)



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