Israel's First International Bank net profit drops 15% in second quarter - ednews.net

30 September, Friday

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Israel's First International Bank net profit drops 15% in second quarter

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First International Bank of Israel (FIBI) (FIBI.TA) reported a 15% drop in second-quarter net profit on Tuesday after posting a large one-off, post-COVID gain last year, and said it would distribute 50% of that as a dividend, Reuters informs. 

Quarterly net profit was 342 million shekels ($104 million), versus 404 million a year earlier when it had an "exceptional credit loss income" as it unwound a provision set aside during the pandemic.

The bank's board approved a dividend distribution of 170 million shekels, or 1.69 shekels a share.

FIBI said it had 31 million shekels in credit loss expenses for the quarter, after a credit loss income of 128 million last year.

The total value of problematic credit dropped by about 21% compared with the same period last year, and by 15% against the end of 2021, it said.

Net interest income rose 21% to 859 million shekels.



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