Mizrahi Tefahot: Profit Jumps 25%; ROE Reaches 16.9%
Mizrahi Tefahot Bank wraps up a strong quarter, with revenues climbing 13% to approximately NIS 3.5 billion and net profit rising to NIS 1.3 billion. The bank ends 2024 with record annual profits nearing NIS 5.5 billion.
Mizrahi Tefahot -1.12% closed the fourth quarter with a 13% increase in revenues and a 20% surge in net profit, which reached NIS 1.3 billion. Return on equity also improved during the quarter, rising to 16.9%.
Fourth-quarter revenues totaled approximately NIS 3.49 billion, reflecting a 13% increase from NIS 3.09 billion in the same period last year.
At the bottom line, the bank reported a net profit of NIS 1.3 billion, marking a 25% increase compared to NIS 1.05 billion in the fourth quarter of the previous year.
Record Annual Performance
For the full year 2024, Mizrahi Tefahot posted revenues of approximately NIS 14.7 billion alongside a net profit of NIS 5.45 billion. The bank’s return on equity for the year stood at 18.5%.
Total public credit at the end of 2024 reached NIS 358 billion, up 10% from NIS 325.3 billion at the end of 2023. The growth in credit included a 14.2% increase in business sector lending across various segments and a 9.1% rise in the residential mortgage portfolio. Public deposits also expanded, reaching NIS 393.4 billion by year-end, a 10% increase compared to NIS 358.6 billion at the end of 2023.
The bank’s equity capital also climbed, standing at NIS 31.3 billion by year-end—up 14% from NIS 27.5 billion at the end of 2023.
Commenting on the results, Mizrahi Tefahot CEO Moshe Larry stated: "The financial reports for 2024 leave no room for doubt: despite numerous challenges, we successfully met all our goals—both social and business-related—fully and wholeheartedly. The thousands of outstanding employees at Mizrahi Tefahot have given real meaning to our slogan, 'People First,' through their daily dedication and commitment. They listened attentively to every issue and challenge, responding with sensitivity to provide tailored solutions for every customer. Additionally, our employees actively participated in a variety of volunteer and community initiatives, demonstrating the unique Israeli spirit of mutual responsibility and solidarity."
