Mizrahi-Tefahot Bank: Revenue pressure, but fees and low CoR support earnings

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Mizrahi-Tefahot Bank: Revenue pressure, but fees and low CoR support earnings

iQprofile SM Mizrahi-Tefahot Bank

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(ILS Millions) IFRS IFRS IFRS IFRS IFRS Banks-Multinational/Universal

Net Interest Income 11,814 11,727 11,923 12,871 13,965

Net Fee Income 2,060 2,251 2,409 2,570 2,711

Securities Gains / (Losses) 0 0 0 0 0 Company Description Other Income 847 610 798 793 799

Total Non-Interest Income 2,907 2,861 3,206 3,363 3,511 Mizrahi-Tefahot is Israel's third-largest banking group,

Total Operating Income 14,721 14,588 15,130 16,235 17,476 operating as a universal bank across retail, mortgage,

Operating Expenses (5,222) (5,239) (5,278) (5,363) (5,457) corporate and capital markets. It is the clear leader in

Pre-Provision Profit 9,499 9,349 9,852 10,872 12,019 residential mortgages, complemented by growing

Provisions Expense (519) (228) (301) (617) (858)

capabilities in business banking. The bank also maintains

Operating Profit 8,980 9,121 9,552 10,255 11,161

Non-Operating Items 16.0 17.0 23.2 22.3 22.6 international operations through affiliates in the UK and

Pre-Tax Income 8,996 9,138 9,575 10,277 11,184 US, focusing on private banking and financing for Israeli

Net Income to sh/holders 5,455 5,630 5,517 6,432 7,023 clients abroad.

Adjusted Cash Earnings 5,455 5,630 5,517 6,432 7,023

Key Balance Sheet Data

Total Assets 485,643 551,173 597,785 653,232 702,929 Investment Rationale

Average Interest Earning Assets 460,606 509,291 564,089 614,776 667,348 Following the successful integration of Union Bank,

Risk Weighted Assets 307,364 343,795 378,524 413,634 445,102 Mizrahi-Tefahot has strengthened its growth platform,

Total Gross Customer Loans 362,094 404,355 450,448 493,574 531,633