May 15, 2017 / 8:39 AM / 2 months ago

Israel's Mizrahi-Tefahot Bank Q1 profit up 11.5 pct, boosts dividend

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JERUSALEM, May 15 (Reuters) -

* Mizrahi-Tefahot, Israel's third-largest bank, reported on Monday an 11.5 percent rise in first-quarter net profit, boosted by higher financing income.

* It also raised its dividend payout to 30 percent of net profit from 15 percent starting in 2017. For the first quarter, the bank -- Israel's largest mortgage lender -- will distribute a dividend of 96.3 million shekels.

* Its net profit in the quarter was 321 million shekels ($89 million) compared with 288 million a year earlier. Analysts on average forecast the bank would earn 324 million shekels, according to a Reuters poll.

* Financing income in the quarter rose 24 percent to 1.03 billion shekels. Its credit loss provision jumped to 49 million shekels from 3 million.

* The bank's Tier I capital ratio, a key measure of its financial strength, rose to 10.1 percent at the end of March from 9.65 percent a year earlier.($1 = 3.6007 shekels) (Reporting by Steven Scheer)

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