First International Bank of Israel (TASE: FIBI), controlled by Zadik Bino and headed by Eli Cohen, posted net income on its credit loss item in 2024, making it an exception among Israel’s banks. On its bottom line, the bank posted a net profit of NIS 2.37 billion for last year, 9.2% higher than the profit in 2023. Return on equity in 2024 was 19%, the highest of all the banks.
First International has declared a cash dividend of 40% of its profit. Like the other banks, First International too seeks to increase its dividend. “The bank’s board of directors will continue to discuss the implementation of its dividend policy, whereby the bank will distribute up to 50% of its net profit each year, in the light of developments and their impact on the economy and on the bank,” First International stated this morning.
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As mentioned, First International recorded net income in its credit loss item. This totaled NIS 16 million, which compares with a net expense of NIS 502 million in 2023. In the fourth quarter, there was a credit loss expense of NIS 35 million, after a general provision for credit losses of NIS 41 million. The credit loss expense as a percentage of average total credit to the public was 0.11%.
Net credit to the public grew by 10% last year to NIS 129 billion. Deposits from the public grew by 12.4%, to NIS 215 billion.
Published by Globes, Israel business news – en.globes.co.il – on March 12, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
