JERUSALEM, May 28 (Reuters) -
* First International Bank of Israel (FIBI), the country’s fifth-largest bank by assets, on Monday reported a 17.5 percent fall in first-quarter profit mainly due to a one-time salary expense.
* FIBI posted quarterly net profit of 137 million shekels ($38 million), compared with 166 million a year earlier.
* Excluding one-time items, FIBI reported net profit of 169 million shekels versus 138 million in the same period last year.
* The bank incurred a non-recurring payroll expense of 45 million shekels and another expense of 24 million shekels for efficiency measures, the bank said.
* Its Tier 1 capital ratio edged down to 10.07 percent in March from 10.38 percent at the end of 2017.
* Net interest income rose to 584 million shekels from 562 million a year earlier while expenses from credit losses slipped to 27 million shekels from 34 million.
* ($1 = 3.56 shekels) (Reporting by Steven Scheer, Editing by Ari Rabinovitch)