First International Bank of Israel (TASE: FTIN) today reported lower revenue and profits for the third quarter of 2013. Revenue fell to NIS 848 million for the third quarter from NIS 982 million for the corresponding quarter, and net profit fell to NIS 144 million (NIS 1.44 per share) from NIS 161 million.
Net interest income fell to NIS 558 million for the third quarter from NIS 580 million for the corresponding quarter, and fees and other income fell to NIS 390 million from NIS 402 million. The provision for credit losses also fell to NIS 21 million (0.13% of total credit) from NIS 33 million.
Net return on equity fell to an annualized 8.7% for the third quarter from 9.5% for the corresponding quarter. The capital adequacy ratio rose to 15.3% at the end of September from 14.2% a year earlier, and the Tier-1 capital adequacy ratio rose to 10% from 9.3%.
Net credit to the public rose to NIS 66/9 billion at the end of September from NIS 66.2 billion a year earlier, and deposits from the public rose to NIS 85.4 billion from NIS 83.8 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on November 27, 2013
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