First International Bank of Israel Reports Financial Results for the Third Quarter of 2024
First International Bank of Israel (FIBI) reported strong Q3 2024 results with net income of NIS 620 million, up 36.3% year-over-year, and a return on equity of 19.4%. The bank showed significant growth with credit to the public increasing 6% from year-end 2023, and deposits growing 11.4%. The customers' assets portfolio reached NIS 800 billion, up 19% from 2023. The bank maintained strong capital ratios with tier 1 capital at 11.41%. The Board approved a dividend of NIS 248 million, representing 40% of net income. Credit quality remained robust with an NPL ratio of 0.57% and expense for credit losses at NIS 22 million in Q3.
La Prima Banca Internazionale di Israele (FIBI) ha riportato risultati solidi per il terzo trimestre 2024 con un utile netto di 620 milioni di NIS, in aumento del 36,3% rispetto all'anno precedente, e un rendimento patrimoniale del 19,4%. La banca ha mostrato una crescita significativa, con i prestiti al pubblico aumentati del 6% rispetto alla fine del 2023 e i depositi cresciuti dell'11,4%. Il portafoglio di attivi dei clienti ha raggiunto gli 800 miliardi di NIS, in aumento del 19% rispetto al 2023. La banca ha mantenuto solidi rapporti di capitale con un capitale di livello 1 all'11,41%. Il Consiglio ha approvato un dividendo di 248 milioni di NIS, pari al 40% dell'utile netto. La qualità del credito è rimasta robusta, con un rapporto NPL dello 0,57% e una spesa per perdite creditizie di 22 milioni di NIS nel terzo trimestre.
Primera Banco Internacional de Israel (FIBI) informó resultados sólidos para el tercer trimestre de 2024 con un ingreso neto de 620 millones de NIS, un aumento del 36.3% interanual, y un rendimiento sobre el patrimonio del 19.4%. El banco mostró un crecimiento significativo, con un aumento del 6% en el crédito al público desde finales de 2023, y depósitos que crecieron un 11.4%. La cartera de activos de los clientes alcanzó los 800 mil millones de NIS, un aumento del 19% respecto a 2023. El banco mantuvo sólidos ratios de capital, con un capital de nivel 1 del 11.41%. La Junta aprobó un dividendo de 248 millones de NIS, que representa el 40% de los ingresos netos. La calidad del crédito se mantuvo robusta con un ratio de NPL del 0.57% y gastos por pérdidas crediticias de 22 millones de NIS en el tercer trimestre.
이스라엘 첫 번째 국제은행 (FIBI)는 2024년 3분기에 순이익 6억 2천만 NIS를 보고하며, 전년 대비 36.3% 증가한 실적을 기록하였고, 자본이익률 19.4%를 달성했습니다. 은행은 2023년 말 대비 공공 신용이 6% 증가하고, 예금이 11.4% 증가하는 등 상당한 성장을 보였습니다. 고객 자산 포트폴리오는 8천억 NIS에 이르렀으며, 이는 2023년 대비 19% 증가한 수치입니다. 은행은 1등급 자본 비율이 11.41%로 강력한 자본 비율을 유지하고 있습니다. 이사회는 2억 4천 8백만 NIS의 배당금을 승인했으며, 이는 순이익의 40%에 해당합니다. 신용 품질은 견고하게 유지되었으며, NPL 비율은 0.57%이고, 3분기 신용 손실 비용은 2천 2백만 NIS였습니다.
Première Banque Internationale d'Israël (FIBI) a annoncé de bons résultats pour le troisième trimestre 2024, avec un revenu net de 620 millions de NIS, en hausse de 36,3 % par rapport à l'année précédente, et un rendement des capitaux propres de 19,4%. La banque a montré une croissance significative, avec des crédits au public augmentant de 6 % par rapport à la fin 2023, et les dépôts augmentant de 11,4 %. Le portefeuille d'actifs des clients a atteint 800 milliards de NIS, en hausse de 19 % par rapport à 2023. La banque a maintenu des ratios de capital solides, avec un capital de niveau 1 à 11,41 %. Le Conseil a approuvé un dividende de 248 millions de NIS, représentant 40 % des revenus nets. La qualité du crédit est restée robuste avec un taux de NPL de 0,57 % et des dépenses pour pertes de crédit de 22 millions de NIS au troisième trimestre.
Erste Internationale Bank Israels (FIBI) berichtete über starke Ergebnisse im dritten Quartal 2024 mit einem Nettoergebnis von 620 Millionen NIS, was einem Anstieg von 36,3 % im Vergleich zum Vorjahr entspricht, und einer Eigenkapitalrendite von 19,4%. Die Bank zeigte ein signifikantes Wachstum, da die Kreditvergabe an die Öffentlichkeit um 6 % im Vergleich zum Jahresende 2023 zugenommen hat, und die Einlagen um 11,4 % gewachsen sind. Das Kundenvermögen erreichte 800 Milliarden NIS, was einem Anstieg von 19 % im Vergleich zu 2023 entspricht. Die Bank hielt solide Kapitalquoten, mit einem Kernkapital von 11,41 %. Der Vorstand genehmigte eine Dividende von 248 Millionen NIS, die 40 % des Nettoergebnisses entspricht. Die Kreditqualität blieb robust mit einer NPL-Quote von 0,57 % und einer Kosten für Kreditverluste von 22 Millionen NIS im dritten Quartal.
- Net income increased 36.3% YoY to NIS 620 million in Q3 2024
- Strong return on equity at 19.4%
- Credit to public grew 6% from end of 2023
- Deposits increased 11.4% from end of 2023
- Customer assets portfolio grew 19% to NIS 800 billion
- Low expense for credit losses at 0.07% of average credit balance
- Operating expenses increased 2% YoY
- Efficiency ratio slightly worsened to 44.5% from 43.6%
Reflects continued growth and high profitability while maintaining financial stability
Financial Highlights
Financial Highlights for the Third Quarter of 2024
- Net income of
NIS 620 million and a return on equity of19.4% in the third quarter of 2024; - Net income of
NIS 1,798 million and a return on equity of19.4% for the first nine months of the year; - Credit to the public grew by
6% compared to the end of 2023 and by3.5% compared to the second quarter of the year; - Deposits by the public grew by
11.4% compared to the end of 2023, and by4.3% compared to the second quarter of the year; - The portfolio of customers' assets grew by
19% compared to the end of 2023, and reachedNIS 800 billion ; - Equity attributed to the Bank's shareholders was
NIS 13 billion , an increase of8.2% compared to the end of 2023; - The tier 1 capital ratio was
11.41% ; - The Bank's Board of Directors decided to distribute a dividend in the amount of
NIS 248 million , representing40% of the net income.
Financial Results of the Third Quarter 2024
Net profit for the First International Bank Group was NIS 620 million in the third quarter of 2024, an increase of 36.3 % compared to the comparative quarter in the previous year. Return on equity was
The net profit for the first nine months of the year was NIS 1,798 million, an increase of
Expense for credit losses was NIS 22 million in the third quarter, amounting to
High-quality credit portfolio: the NPL (non-performing loan) ratio remained stable and reached
The operating and other expenses were
Credit to the public amounted to
Deposits by the public amounted to
The total customers' assets portfolio increased by
Equity attributed to shareholders in the Bank increased to NIS 13 billion, an increase of
Considering the requests of the Banking Supervisor regarding capital planning and profits distribution policies, the Bank's Board of Directors decided to approve the distribution of a cash dividend to the shareholders for
Management Comment
Eli Cohen, CEO of First International Bank, commented: ,"The Bank's reports reflect a growth trend both on the passive side, including deposits and securities of the public, which reached a record
"Amid economic uncertainty and the ongoing multi-front war in
"I am proud to say that the First International Bank's customers are the most satisfied among bank customers in
"We recently announced a number of management changes at the Bank: Vered Golan was appointed to the position of Head of the Corporate Division, Dr. Moriah Hoftman-Doron was appointed to the position of Chief Legal Counsel, and Liora Shechter was appointed CEO of Mataf. I wish considerable success to the new members of our management team."
CONDENSED PRINCIPAL FINANCIAL INFORMATION AND PRINCIPAL EXECUTION INDICES | ||||||
Principal financial ratios | For the nine months | For the year ended | ||||
2024 | 2023 | 2023 | ||||
in % | ||||||
Principal execution indices | ||||||
Return on equity attributed to shareholders of the Bank(1) | 19.4 | 20.5 | 19.7 | |||
Return on average assets(1) | 1.05 | 1.10 | 1.06 | |||
Ratio of equity capital tier 1 | 11.41 | 10.84 | 11.35 | |||
Leverage ratio | 5.17 | 5.30 | 5.26 | |||
Liquidity coverage ratio | 171 | 142 | 156 | |||
Net stable funding ratio | 142 | 138 | 146 | |||
Ratio of total income to average assets(1) | 2.9 | 3.3 | 3.2 | |||
Ratio of interest income, net to average assets (1) | 2.1 | 2.5 | 2.4 | |||
Ratio of fees to average assets (1) | 0.7 | 0.7 | 0.7 | |||
Efficiency ratio | 44.5 | 43.6 | 43.5 | |||
Credit quality indices | ||||||
Ratio of provision for credit losses to credit to the public | 1.29 | 1.25 | 1.36 | |||
Ratio of total provision for credit losses (2) to credit to the public | 1.41 | 1.37 | 1.50 | |||
Ratio of non-accruing debts or in arrears of 90 days or more to credit to the public | 0.57 | 0.49 | 0.60 | |||
Ratio of provision for credit losses to total non-accruing credit to the public | 230.5 | 263.8 | 234.5 | |||
Ratio of net write-offs to average total credit to the public (1) | (0.06) | - | 0.03 | |||
Ratio of expenses (income) for credit losses to average total credit to the public (1) | (0.06) | 0.38 | 0.42 | |||
Principal data from the statement of income | For the nine months | |||||
2024 | 2023 | |||||
NIS million | ||||||
Net profit attributed to shareholders of the Bank | 1,798 | 1,673 | ||||
Interest Income, net | 3,601 | 3,820 | ||||
Expenses (income) from credit losses | (51) | 336 | ||||
Total non-Interest income | 1,436 | 1,216 | ||||
Of which: Fees | 1,123 | 1,131 | ||||
Total operating and other expenses | 2,240 | 2,197 | ||||
Of which: Salaries and related expenses | 1,302 | 1,353 | ||||
Primary net profit per share of | 17.92 | 16.67 | ||||
Principal data from the balance sheet | 30.9.24 | 30.9.23 | 31.12.23 | |||
NIS million | ||||||
Total assets | 242,512 | 210,673 | 221,593 | |||
of which: Cash and deposits with banks | 81,440 | 61,659 | 68,866 | |||
Securities | 28,860 | 22,043 | 26,985 | |||
Credit to the public, net | 124,749 | 118,577 | 117,622 | |||
Total liabilities | 228,823 | 198,542 | 208,947 | |||
of which: Deposits from the public | 212,907 | 181,274 | 191,125 | |||
Deposits from banks | 2,631 | 3,824 | 4,314 | |||
Bonds and subordinated capital notes | 4,474 | 4,751 | 4,767 | |||
Capital attributed to the shareholders of the Bank | 13,066 | 11,583 | 12,071 | |||
Additional data | 30.9.24 | 30.9.23 | 31.12.23 | |||
Share price ( | 15,410 | 16,360 | 14,990 | |||
Dividend per share ( | 739 | 706 | 795 | |||
(1) Annualized. | ||||||
(2) Including provision in respect of off-balance sheet credit instruments. | ||||||
CONSOLIDATED STATEMENT OF INCOME | ||||||||||
(NIS million) | ||||||||||
For the three months | For the nine months | For the year Ended | ||||||||
2024 | 2023 | 2024 | 2023 | 2023 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | ||||||
Interest Income | 2,955 | 2,590 | 8,410 | 7,289 | 9,850 | |||||
Interest Expenses | 1,690 | 1,363 | 4,809 | 3,469 | 4,884 | |||||
Interest Income, net | 1,265 | 1,227 | 3,601 | 3,820 | 4,966 | |||||
Expenses (income) from credit losses | 22 | 165 | (51) | 336 | 502 | |||||
Net Interest Income after expenses from credit losses | 1,243 | 1,062 | 3,652 | 3,484 | 4,464 | |||||
Non- Interest Income | ||||||||||
Non-Interest Financing income | 153 | (1) | 300 | 78 | 142 | |||||
Fees | 396 | 375 | 1,123 | 1,131 | 1,502 | |||||
Other income | 3 | - | 13 | 7 | 8 | |||||
Total non- Interest income | 552 | 374 | 1,436 | 1,216 | 1,652 | |||||
Operating and other expenses | ||||||||||
Salaries and related expenses | 430 | 438 | 1,302 | 1,353 | 1,746 | |||||
Maintenance and depreciation of premises and equipment | 91 | 89 | 264 | 256 | 341 | |||||
Amortizations and impairment of intangible assets | 36 | 31 | 99 | 91 | 122 | |||||
Other expenses | 220 | 175 | 575 | 497 | 668 | |||||
Total operating and other expenses | 777 | 733 | 2,240 | 2,197 | 2,877 | |||||
Profit before taxes | 1,018 | 703 | 2,848 | 2,503 | 3,239 | |||||
Provision for taxes on profit | 390 | 247 | 1,033 | 869 | 1,090 | |||||
Profit after taxes | 628 | 456 | 1,815 | 1,634 | 2,149 | |||||
The bank's share in profit of equity-basis investee, after taxes | 22 | 21 | 62 | 105 | 113 | |||||
Net profit: | ||||||||||
Before attribution to non‑controlling interests | 650 | 477 | 1,877 | 1,739 | 2,262 | |||||
Attributed to non‑controlling interests | (30) | (22) | (79) | (66) | (90) | |||||
Attributed to shareholders of the Bank | 620 | 455 | 1,798 | 1,673 | 2,172 | |||||
NIS | ||||||||||
Primary profit per share attributed to the shareholders of the Bank | ||||||||||
Net profit per share of | 6.18 | 4.53 | 17.92 | 16.67 | 21.65 | |||||
STATEMENT OF COMPREHENSIVE INCOME | ||||||||||
(NIS million) | ||||||||||
For the three months | For the nine months | For the year Ended | ||||||||
2024 | 2023 | 2024 | 2023 | 2023 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | ||||||
Net profit before attribution to non‑controlling interests | 650 | 477 | 1,877 | 1,739 | 2,262 | |||||
Net profit attributed to non‑controlling interests | (30) | (22) | (79) | (66) | (90) | |||||
Net profit attributed to the shareholders of the Bank | 620 | 455 | 1,798 | 1,673 | 2,172 | |||||
Other comprehensive income (loss) before taxes: | ||||||||||
Adjustments of available for sale bonds to fair value, net | 129 | 52 | (115) | 78 | 213 | |||||
Adjustments of liabilities in respect of employee benefits(1) | (2) | 34 | 10 | 37 | 25 | |||||
Other comprehensive income (loss) before taxes | 127 | 86 | (105) | 115 | 238 | |||||
Related tax effect | (49) | (29) | 41 | (40) | (81) | |||||
Other comprehensive income (loss) before attribution to non‑controlling interests, after taxes | 78 | 57 | (64) | 75 | 157 | |||||
Less other comprehensive income (loss) attributed to non‑controlling interests | 3 | 1 | (2) | 6 | 9 | |||||
Other comprehensive income (loss) attributed to the shareholders of the Bank, after taxes | 75 | 56 | (62) | 69 | 148 | |||||
Comprehensive income before attribution to non‑controlling interests | 728 | 534 | 1,813 | 1,814 | 2,419 | |||||
Comprehensive income attributed to non‑controlling interests | (33) | (23) | (77) | (72) | (99) | |||||
Comprehensive income attributed to the shareholders of the Bank | 695 | 511 | 1,736 | 1,742 | 2,320 | |||||
(1) Mostly reflects adjustments in respect of actuarial assessments as of the end of the period regarding defined benefits pension plans and deduction of amounts recorded in the past in other comprehensive income. | ||||||||||
CONSOLIDATED BALANCE SHEET | ||||||
(NIS million) | ||||||
September 30, | December 31, | |||||
2024 | 2023 | 2023 | ||||
(unaudited) | (unaudited) | (audited) | ||||
Assets | ||||||
Cash and deposits with banks | 81,440 | 61,659 | 68,866 | |||
Securities | 28,860 | 22,043 | 26,985 | |||
Securities borrowed | 147 | 155 | 57 | |||
Credit to the public | 126,374 | 120,073 | 119,240 | |||
Provision for Credit losses | (1,625) | (1,496) | (1,618) | |||
Credit to the public, net | 124,749 | 118,577 | 117,622 | |||
Credit to the government | 1,611 | 1,015 | 1,055 | |||
Investment in investee company | 854 | 776 | 786 | |||
Buildings and equipment | 852 | 871 | 877 | |||
Intangible assets | 350 | 305 | 328 | |||
Assets in respect of derivative instruments | 2,308 | 3,940 | 3,651 | |||
Other assets(2) | 1,341 | 1,332 | 1,366 | |||
Total assets | 242,512 | 210,673 | 221,593 | |||
Liabilities and Capital | ||||||
Deposits from the public | 212,907 | 181,274 | 191,125 | |||
Deposits from banks | 2,631 | 3,824 | 4,314 | |||
Deposits from the Government | 689 | 665 | 750 | |||
Securities lent or sold under agreements to repurchase | 1,542 | - | - | |||
Bonds and subordinated capital notes | 4,474 | 4,751 | 4,767 | |||
Liabilities in respect of derivative instruments | 2,086 | 3,496 | 3,784 | |||
Other liabilities(1)(3) | 4,494 | 4,532 | 4,207 | |||
Total liabilities | 228,823 | 198,542 | 208,947 | |||
Shareholders' equity | 13,066 | 11,583 | 12,071 | |||
Non-controlling interests | 623 | 548 | 575 | |||
Total capital | 13,689 | 12,131 | 12,646 | |||
Total liabilities and capital | 242,512 | 210,673 | 221,593 | |||
(1) Of which: provision for credit losses in respect of off-balance sheet credit instruments in the amount of | ||||||
(2) Of which: other assets measured at fair value in the amount of | ||||||
(3) Of which: other liabilities measured at fair value in the amount of | ||||||
STATEMENT OF CHANGES IN EQUITY | ||||||||||||
(NIS million) | ||||||||||||
For the three months ended September 30, 2024 (unaudited) | ||||||||||||
Share | Accumulated | Retained | Total | Non- | Total | |||||||
Balance as of June 30, 2024 | 927 | (292) | 11,980 | 12,615 | 590 | 13,205 | ||||||
Net profit for the period | - | - | 620 | 620 | 30 | 650 | ||||||
Dividend | - | - | (244) | (244) | - | (244) | ||||||
Other comprehensive income, after tax effect | - | 75 | - | 75 | 3 | 78 | ||||||
Balance as at September 30, 2024 | 927 | (217) | 12,356 | 13,066 | 623 | 13,689 | ||||||
For the three months ended September 30, 2023 (unaudited) | ||||||||||||
Share | Accumulated | Retained | Total | Non- | Total | |||||||
Balance as of June 30, 2023 | 927 | (290) | 10,655 | 11,292 | 525 | 11,817 | ||||||
Net profit for the period | - | - | 455 | 455 | 22 | 477 | ||||||
Dividend | - | - | (220) | (220) | - | (220) | ||||||
Other comprehensive income, after tax effect | - | 56 | - | 56 | 1 | 57 | ||||||
Balance as at September 30, 2023 | 927 | (234) | 10,890 | 11,583 | 548 | 12,131 | ||||||
For the nine months ended September 30, 2024 (unaudited) | ||||||||||||
Share | Accumulated | Retained | Total | Non- | Total | |||||||
Balance as at December 31, 2023 (audited) | 927 | (155) | 11,299 | 12,071 | 575 | 12,646 | ||||||
Net profit for the period | - | - | 1,798 | 1,798 | 79 | 1,877 | ||||||
Dividend | - | - | (741) | (741) | (29) | (770) | ||||||
Other comprehensive loss, after tax effect | - | (62) | - | (62) | (2) | (64) | ||||||
Balance as at September 30, 2024 | 927 | (217) | 12,356 | 13,066 | 623 | 13,689 | ||||||
For the nine months ended September 30, 2023 (unaudited) | ||||||||||||
Share | Accumulated | Retained | Total | Non- | Total | |||||||
Balance as at December 31, 2022 (audited) | 927 | (303) | 9,935 | 10,559 | 476 | 11,035 | ||||||
Adjustment of the opening balance, net of tax, due to the effect of initial implementation in investee company* | - | - | (10) | (10) | - | (10) | ||||||
Adjusted balance at January 1, 2023, following initial implementation | 927 | (303) | 9,925 | 10,549 | 476 | 11,025 | ||||||
Net profit for the period | - | - | 1,673 | 1,673 | 66 | 1,739 | ||||||
Dividend | - | - | (708) | (708) | - | (708) | ||||||
Other comprehensive income, after tax effect | - | 69 | - | 69 | 6 | 75 | ||||||
Balance as at September 30, 2023 | 927 | (234) | 10,890 | 11,583 | 548 | 12,131 | ||||||
STATEMENT OF CHANGES IN EQUITY (CONT'D) | ||||||||||||
(NIS million) | ||||||||||||
For the year ended December 31, 2023 (audited) | ||||||||||||
Share | Accumulated | Retained | Total | Non- | Total | |||||||
Balance as at December 31, 2022 | 927 | (303) | 9,935 | 10,559 | 476 | 11,035 | ||||||
Adjustment of the opening balance, net of tax, due to the effect of initial implementation in investee company * | - | - | (10) | (10) | - | (10) | ||||||
Adjusted balance at January 1, 2023, following initial implementation | 927 | (303) | 9,925 | 10,549 | 476 | 11,025 | ||||||
Net profit for the year | - | - | 2,172 | 2,172 | 90 | 2,262 | ||||||
Dividend | - | - | (798) | (798) | - | (798) | ||||||
Other comprehensive income, after tax effect | - | 148 | - | 148 | 9 | 157 | ||||||
Balance as at December 31, 2023 | 927 | (155) | 11,299 | 12,071 | 575 | 12,646 | ||||||
* Cumulative effect of the initial implementation of US accounting principles in the matter of financial instruments - credit losses (ASC-326). | ||||||||||||
(1) Including share premium of | ||||||||||||
(2) Including an amount of | ||||||||||||
Contact:
Dafna Zucker
First International Bank of Israel
Zucker.d@fibi.co.il
+972-3-519-6224
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SOURCE First International Bank of Israel
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