Mizrahi Tefahot Bank (TASE:MZTF) has reported its financial results for the first quarter of 2020.Net profit was NIS 357 million, down 11.6% from NIS 404 million in the first quarter of 2019 but nevertheless, the biggest profit of Israel's banks.
Net profit from current operations was NIS 303 million compared with NIS 404 million in the corresponding quarter last year, a decrease of 25% on return on equity from current operations.
Financing revenue in the first quarter was NIS 1.411 billion up 9.5% from NIS 1.288 billion in the corresponding quarter last year Cost-income ratio was 52.4% Cost-income ratio from current operations was 54.7% and return on equity was 9.1%
Mizrahi Tefahot CEO Eldad Fresher said, "The unique balance sheet structure of Mizrahi Tefahot, which includes a mortgage portfolio with a low risk profile, accounting for 65% of the Bank's loan portfolio; the key steps we took in recent years to enhance the Bank's business focus and low exposure to sectors more vulnerable to implications of the coronavirus crisis: aviation, tourism and leisure, give us a relative advantage in being better able to handle the current situation."
Published by Globes, Israel business news - en.globes.co.il - on May 31, 2020
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