Israel · Delayed Price · Currency is ILS · Price in ILA Mizrahi Tefahot Bank Earnings Call Transcripts
Fiscal Year 2026
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Q2 net profit was ILS 1.428B and ROE 16%, despite special tax, client relief measures and lower rates. Credit grew 12.5% from Q2 2025 to date; 50% of Q2 profits will be distributed as dividends.
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Q1 net profit was ILS 1,238 million and ROE was 14.1%; excluding the special tax and client relief, ROE would have been 16.3%. Credit grew 13.5% from Q1 2025 to date, and 50% of Q1 profits will be distributed as dividends.
Fiscal Year 2025
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2025 net profit reached ILS 5.63 billion, with 17% ROE and strong broad-based credit growth. Management expects continued responsible lending, targets a sub-35% three-year average cost-income ratio and will distribute 50% of Q4 profits as a dividend.
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Q3 net profit was ILS 1.483bn, ROE was 17.6% and credit growth was broad-based. A 50% dividend balances capital returns with continued lending growth; Q4 CPI contribution and credit-growth pace are expected to moderate.
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Q2 net profit was ILS 1,453m, ROE 17.8%, and cost-income 34.9%, as the balance sheet exceeded ILS 500bn. Management expects responsible credit growth and plans to distribute 50% of Q2 profit.
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Q1 net profit was ILS 1.29bn, with 16.2% ROE and a 37.8% cost-income ratio. Healthy credit and mortgage demand support expectations for responsible growth, while geopolitical uncertainty remains.
Fiscal Year 2024
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2024 net profit reached ILS 5.5bn and ROE was 18.5%, with mortgage and corporate lending growth. Provisions fell to ILS 0.5bn from ILS 1.5bn in 2023; plans call for further responsible credit growth without assuming NIM expansion.
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Q3 net profit was ILS 1,425,000, with 19% ROE and a 33.9% cost-income ratio. Credit growth continued, while merger synergies supported lower expenses and management planned a 40% dividend.
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Q2 net profit was ILS 1,452 million, ROE 19.9% and cost-income ratio 34.6%. Management cited prudent credit growth, improving mortgage demand and continued uncertainty from the war and aggressive competition.
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Q1 net profit was ILS 1.272 billion, with 18.1% ROE and a 35.5% cost-income ratio. Management maintained prudent collective provisions amid the prolonged war, while targeting responsible credit growth and a 40% dividend payout.
Fiscal Year 2023
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FY2023 net profit rose to ILS 4.91B and ROE reached 19.1%, while post-war collective provisioning lifted annual provisions to ~ILS 1.5B. Management expects 2024 loan growth of 6%–8%, lower provisions if the war does not escalate, and a 20% Q4-profit dividend.
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Q3 net profit was ILS 1.098bn and ROE was 16.8%, while collective provisions rose prudently for war-related risk. Mortgage demand is expected to remain subdued in Q4, with gradual improvement in 2024.
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Q2 net profit reached ILS 1.398bn with 22% ROE and a 38.1% cost-income ratio. Credit growth and mortgage demand moderated, while current-operation financing revenue growth slowed; 35% of Q2 profit will be distributed as a dividend.
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Q1 net profit reached ILS 1,367 million, with 22.4% ROE and a 37.6% cost-income ratio. Collective provisions reflected higher rates and CPI; mortgage demand weakened, while a 30% payout of Q1 profit was planned.
Fiscal Year 2022
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FY22 net profit reached ILS 4.472bn and ROE was 20.1%, with strong financing revenue and loan growth. Management expects responsible credit growth and further merger cost savings in 2023, while higher rates and inflation informed collective provisions.
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Q3 net profit reached ILS 1.178B with 20.8% ROE and a 43.3% cost-income ratio. Merger integration was progressing, while credit growth eased and provisions reflected portfolio growth and CECL macro adjustments.
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Q2 net profit reached ILS 1.053B, supported by balance-sheet expansion and strong financing revenues. Credit growth is expected to moderate as rates rise, while management reported no unusual asset-quality deterioration.
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Q1 net profit reached ILS 1.154bn, or ILS 875m excluding the ILS 279m real estate gain; adjusted ROE was 16.6%. Strong credit growth and merger synergies support prospects, while capital-rule uncertainty and competitive pressure remain.