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Israel's Mizrahi-Tefahot Bank Q4 net profit up 10 pct
March 21, 2017 / 8:14 AM / in 8 months

Israel's Mizrahi-Tefahot Bank Q4 net profit up 10 pct

TEL AVIV, March 21 (Reuters) -

* Mizrahi-Tefahot, Israel’s third-largest bank, reported on Tuesday a 10.4 percent rise in fourth-quarter net profit, boosted by higher financing income.

* Its net profit in the quarter was 265 million shekels ($73 million) compared with 240 million a year earlier. Analysts on average forecast the bank would earn 294 million shekels, according to a Reuters poll.

* Financing income in the quarter rose 12.7 percent to 1.07 billion shekels. Its credit loss provision rose to 81 million shekels from 75 million.

* The bank’s Tier I capital ratio, a key measure of its financial strength, rose to 10.1 percent at the end of 2016 from 9.5 percent in 2015.

* It will pay a dividend of 39.8 million shekels for the fourth quarter, or 15 percent of its net profit. Mizrahi has received authorisation from the central bank to distribute up to 30 percent of its profit as a dividend starting in the first quarter of 2017.($1 = 3.6203 shekels) (Reporting by Tova Cohen)

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