Mizrahi Net Dropped in Final Quarter of 2013

Israel's biggest mortgage bank says earned $72.7 million, down from $77.7 million previous year.

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Mizrahi Tefahot Bank, Israel’s fourth-largest lender and biggest mortgage bank, said net profit dropped in the final quarter of 2013 as its non-interest income tumbled. The bank said it earned 252 million shekels ($72.7 million) in the quarter, down from 270 million a year earlier and less than the 260 million shekels estimate in a Reuters poll of analysts. Net interest income rose to 784 million shekels from 643 million, but non-interest income slipped 90% to 23 million from 229 million.

Charges against credit losses fell to just 5 million shekels, just a fraction of the 72 million shekels analysts had been expecting. Mizrahi said. Mizrahi shares edged down less than 0.1% to a close of 43.37 shekels ($12.50) in Tel Aviv. 

A Mizrahi-Tefahot branch in Israel.Credit: Eliyahu Herkowitz