* Q3 net profit 260 mln shekels vs 284 mln forecast
* Tier 1 capital ratio 8.23 pct vs 7.7 pct in Q3 2011
JERUSALEM Nov 26 Mizrahi-Tefahot,
Israel's fourth-largest bank, reported a 2 percent rise in
quarterly net profit as financing income rose and charges for
credit losses fell.
Mizrahi, the first of Israel's top banks to report quarterly
earnings, said on Monday fourth-quarter net profit rose to 260
million shekels ($67 million) from 255 million a year earlier
and expectations in a Reuters poll of 284 million.
Net interest income rose to 900 million shekels from 891
million a year earlier and the charge for credit losses slipped
to 116 million shekels from 142 million.
Mizrahi is Israel's largest mortgage lender with a market
share of 34.1 percent.
Its ratio of Tier I capital to risk elements grew to 8.23
percent from 7.7 percent a year earlier.
"This is in line with the bank's intention to bring forward
compliance with the regulatory requirement of 9.0 percent core
capital ratio to early 2014," said Eli Yones, Mizrahi's chief
In July, the bank said it would take steps to meet new
capital rules by 2014, a year earlier than required, as part of
a new five-year plan.
Separately, Mizrahi named Moshe Vidman as its new chairman
effective Dec. 1 after Jacob Perry resigned last month to enter
Israel's three largest banks will report quarterly earnings
(Reporting by Steven Scheer)