Mizrahi Tefahot Bank Q1 profit jumps 90%


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Mizrahi Tefahot Bank (TASE: MZTF) announced record profits of 676 million shekels in the first quarter of 2021, an increase of 90% from 357 million shekels in the first quarter of 2020. A large part of the increase in profits is due to the decrease in provisions for default. The repayment, which decreased from 345 million shekels in the first quarter of 2020, to only 13 million shekels in the first quarter of 2021. Related articles Mizrahi Tefahot agrees to layoff conditions from Bank al-Etihad Mizrahi-Tefahot: less than 2% of mortgage payments Mizrahi real estate still frozen “In the first quarter of this year, total expenditures in relation to credit losses were more moderate, with group allocations gradually attributed to specific regions and borrowers,” said Moshe Larry, CEO of Tefahot Bank. Mizrahi’s Tier 1 capital to risk ratio was 10.15% in the first quarter of 2021, up from 9.89% in the corresponding quarter of 2020. Larry added, “The bank’s first quarter figures, which resulted in a return on equity of 14.9%, It is the result of the continuous trend of expansion in the volume of activities, the integration of Bank al Etihad into the group and the gradual exit of the economy from the Covid crisis. In the main balance sheet items and the total balance sheet, credit to the public and deposits from the public, the bank continues to grow continuously despite the closure that dominated the quarter. the first “. Posted by Globes, Israel business news – en.globes.co.il – on May 19, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021


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