The Jerusalem PostEconomy
FIBI Reports 12.6% Net Profit Drop in Q3 Amidst New Tax and Rate Cuts
Summarized from The Jerusalem Post by baba
Center-rightNeutral tone
First International Bank of Israel (FIBI) saw its third-quarter net profit drop by 12.6% to NIS 581 million, impacted by a new "Smotrich tax" levy and lower revenues from interest rate cuts. Over the first nine months, net profit decreased by 10.1%. Despite these challenges, the bank reported significant growth in credit and client assets. CEO Eli Cohen noted the bank's resilience amidst economic uncertainty.
The story in 5 lines · by baba
- FIBI's third-quarter net profit fell 12.6% to NIS 581 million due to a new tax and interest rate cuts.
- A special "Smotrich tax" levy is estimated to cost FIBI NIS 225 million annually.
- Net revenues declined 4.7% to NIS 5.1 billion amid broader macroeconomic headwinds.
- Credit expanded 21.9% to NIS 172.4 billion, and client assets grew 16.9% to NIS 1.26 trillion.
- CEO Eli Cohen highlighted the bank's financial resilience and growth in key areas.
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