JERUSALEM, March 10 Mizrahi-Tefahot,
Israel's No. 4 bank and largest mortgage lender, reported a
slightly larger-than-expected decline in quarterly profit due to
lower non-interest financing income.
The bank, whose share of the mortgage market is around 36
percent, said on Monday it earned 252 million shekels ($72.7
million) in the fourth quarter of 2013, down from 270 million a
year earlier and below expectations of 260 million in a Reuters
poll of analysts.
Net interest income rose to 784 million shekels from 643
million, while non-interest financing income slipped to 23
million from 229 million.
Charges against credit losses fell to 5 million shekels from
48 million. Analysts had expected credit loss provisions of 72
Mizrahi-Tefahot again did not declare a dividend this
quarter after paying one after second-quarter results but the
bank plans to pay dividends until the end of 2014 of up to 30
percent of annual net income from regular operations.
Its Tier I capital, a measure of a bank's financial
strength, rose to 9.01 percent at the end of December from 8.55
percent at the end of 2012.
Israel's banks must reach a Tier I capital ratio of 9
percent by the start of 2015.
The country's top three banks report quarterly results later
($1 = 3.4657 Israeli shekels)
(Reporting by Steven Scheer)