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Mizrahi Tefahot Reports Profit Decline Amid Mortgage Market Risks in Israel

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דווח לראשונה בCalcalist · Aug 17, 2026

מה קרה

Mizrahi Tefahot Bank reported a slight profit decline in Q2 2026, driven by lower mortgage interest income amid falling inflation and interest rates. The bank’s large mortgage portfolio, which accounts for 40% of Israel’s market, faces rising credit risks and refinancing activity. Increased exposure to real estate developers and a growing inventory of unsold homes raise concerns about future mortgage growth and credit quality.

01Mizrahi Tefahot’s Q2 2026 net profit fell 1.7% to 1.43 billion shekels with ROE dropping to 16%.
02The bank holds Israel’s largest mortgage portfolio at 253 billion shekels, nearly 40% of the market.
03Mortgage interest income declined 2.6% despite portfolio growth, due to lower inflation and interest rates.
04Non-performing loans in mortgages rose to 1.03%, higher than competitors, reflecting riskier loan profiles.
05Credit exposure to real estate developers exceeded 100 billion shekels, with problematic loans increasing 20.6%.
06Unsold housing inventory and slowed sales pose risks to future mortgage growth and bank profitability.

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