Bank Mizrachi Has an Excellent Quarter

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Bank Mizrahi-Tefahot reported having an excellent second quarter. Mizrahi-Tefahot’s revenue rose 9.6%, from NIS 1.84 billion in Q2 of 2018, to NIS 2.02 this year. Income from interest rose by 10.7% Y/Y. The bank posted a net profit of NIS 576 million for the quarter, compared to NIS 207 million last year. However, last year Mizrahi-Tefahot had set aside a reserve for its legal difficulties in the US. Excluding the set aside, the net last year was NIS 472 million, thus, this year’s profits actually rose by 20%. At the end of the second quarter of 2019, the bank had extended NIS 13.7 billion more in credit than at the end of the second quarter of 2018. Shareholder equity rose by 12.5% over the past year  Mizrahi-Tefahot announced it would resume the issuing of dividends and will distribute NIS 392 million to its stockholders in the coming weeks.

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