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Israel's First Intl Bank Q4 profit dips on nonrecurring items
March 16, 2017 / 10:50 AM / 6 months ago

Israel's First Intl Bank Q4 profit dips on nonrecurring items

TEL AVIV, March 16 (Reuters) -

* First International Bank of Israel (FIBI), the country’s fifth-largest bank, reported on Thursday a slight drop in fourth quarter net profit due to nonrecurring items.

* Net profit in the quarter totalled 112 million shekels ($31 million) compared with 117 million a year ago. Nonrecurring items decreased net profit by 29 million shekels.

* The bank signed an agreement for the sale of operations of FIBI Switzerland. A provision of 18 million shekels for expenses connected with the sale was recognised in the fourth quarter while income from the sale and the improvement in the efficiency ratio will be recognised in 2017.

* The board decided on a dividend of 70 million shekels, further to a payout of 200 million in the fourth quarter.

* Its ratio of Tier I equity capital to risk assets was 10.09 percent at the end of 2016, up from 9.81 percent a year earlier.($1 = 3.6291 shekels) (Reporting by Tova Cohen)

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