Technology
First International Bank of Israel Reports Financial Results for the Third Quarter of 2024
Published
2 years agoon
By
Reflects continued growth and high profitability while maintaining financial stability
TEL AVIV, Israel, Nov. 25, 2024 /PRNewswire/ — First International Bank of Israel (TASE: FIBI) one of Israel’s major banking groups, today announced its results for the third quarter and nine-month period ended September 30, 2024.
Financial Highlights
Financial Highlights for the Third Quarter of 2024
Net income of NIS 620 million and a return on equity of 19.4% in the third quarter of 2024;Net income of NIS 1,798 million and a return on equity of 19.4% for the first nine months of the year;Credit to the public grew by 6% compared to the end of 2023 and by 3.5% compared to the second quarter of the year;Deposits by the public grew by 11.4% compared to the end of 2023, and by 4.3% compared to the second quarter of the year;The portfolio of customers’ assets grew by 19% compared to the end of 2023, and reached NIS 800 billion;Equity attributed to the Bank’s shareholders was NIS 13 billion, an increase of 8.2% compared to the end of 2023;The tier 1 capital ratio was 11.41%;The Bank’s Board of Directors decided to distribute a dividend in the amount of NIS 248 million, representing 40% of the net income.
Financial Results of the Third Quarter 2024
Net profit for the First International Bank Group was NIS 620 million in the third quarter of 2024, an increase of 36.3 % compared to the comparative quarter in the previous year. Return on equity was 19.4%.
The net profit for the first nine months of the year was NIS 1,798 million, an increase of 7.5% compared to the comparative period in the previous year. The return on equity was 19.4%.
Expense for credit losses was NIS 22 million in the third quarter, amounting to 0.07% of the average balance of credit to the public. Income for credit losses amounted to NIS 51 million in the first nine months of the year, primarily from debt recovery. In the corresponding period of last year, expenses of NIS 336 million were recorded which was due to an increase in collective provisions because of concerns over macroeconomic impacts, amid uncertainty.
High-quality credit portfolio: the NPL (non-performing loan) ratio remained stable and reached 0.57% at the end of the third quarter. This reflects the quality of the credit portfolio, (the balance of debts not accruing or overdue by 90 days or more out of the total credit to the public). The total coverage ratio (the ratio of the total credit loss provisions to the total credit to the public) stood at 1.41%, compared to 1.37% in the comparative period last year.
The operating and other expenses were NIS 2,240 million in the first nine months of the year, an increase of 2% compared to the comparative period in the previous year, mainly due to an increase in other expenses: IT-related, donations, telecommunications and advertising. The efficiency ratio stood at 44.5%.
Credit to the public amounted to NIS 126.4 billion, an increase of 6% compared to the end of 2023. There was an increase in the credit of 3.5% in the third quarter, compared to the second quarter of the year.
Deposits by the public amounted to NIS 213 billion, an increase of 11.4% compared to the end of 2023, and 4.3% compared to the second quarter.
The total customers’ assets portfolio increased by 26% year-over-year and by 19% compared to the end of 2023, to approximately 800 billion.
Equity attributed to shareholders in the Bank increased to NIS 13 billion, an increase of 8.2% compared to the end of 2023. The tier 1 capital ratio reached 11.41%, approximately -2.2% above the regulatory requirement, reflecting the highest capital surplus in the Israeli banking system. The liquidity coverage ratio is high and stands at 171%.
Considering the requests of the Banking Supervisor regarding capital planning and profits distribution policies, the Bank’s Board of Directors decided to approve the distribution of a cash dividend to the shareholders for NIS 248 million representing 40% of the net income. The Bank’s Board of Directors will continue to review the implementation of the Bank’s dividend distribution policy in light of ongoing developments and their impact on the Israeli economy and on the Bank.
Management Comment
Eli Cohen, CEO of First International Bank, commented: ,”The Bank’s reports reflect a growth trend both on the passive side, including deposits and securities of the public, which reached a record NIS 800 billion, and also on the active side, with a considerable increase in the credit portfolio, which has been achieved while maintaining the quality of the underwriting and portfolio diversification.
“Amid economic uncertainty and the ongoing multi-front war in Israel, the First International Bank maintained high capital and liquidity cushions, ensuring resilience and our ability to continue supporting our customers. The Bank is continuing to provide benefits and relief measures for customers to help them navigate the current challenging period.
“I am proud to say that the First International Bank’s customers are the most satisfied among bank customers in Israel, reporting high satisfaction with the Bank, the professionalism of its services and their willingness to recommend the bank to their friends. This is evidenced via customer surveys, including the recent Marketest survey. This reflects the high quality service and competitiveness of the First International Bank, as well as the professionalism and the dedication of our Group’s employees, all of whom have contributed to the achievement.
“We recently announced a number of management changes at the Bank: Vered Golan was appointed to the position of Head of the Corporate Division, Dr. Moriah Hoftman-Doron was appointed to the position of Chief Legal Counsel, and Liora Shechter was appointed CEO of Mataf. I wish considerable success to the new members of our management team.”
CONDENSED PRINCIPAL FINANCIAL INFORMATION AND PRINCIPAL EXECUTION INDICES
Principal financial ratios
For the nine months
ended September 30,
For the year ended
December 31,
2024
2023
2023
in %
Principal execution indices
Return on equity attributed to shareholders of the Bank(1)
19.4
20.5
19.7
Return on average assets(1)
1.05
1.10
1.06
Ratio of equity capital tier 1
11.41
10.84
11.35
Leverage ratio
5.17
5.30
5.26
Liquidity coverage ratio
171
142
156
Net stable funding ratio
142
138
146
Ratio of total income to average assets(1)
2.9
3.3
3.2
Ratio of interest income, net to average assets (1)
2.1
2.5
2.4
Ratio of fees to average assets (1)
0.7
0.7
0.7
Efficiency ratio
44.5
43.6
43.5
Credit quality indices
Ratio of provision for credit losses to credit to the public
1.29
1.25
1.36
Ratio of total provision for credit losses (2) to credit to the public
1.41
1.37
1.50
Ratio of non-accruing debts or in arrears of 90 days or more to credit to the public
0.57
0.49
0.60
Ratio of provision for credit losses to total non-accruing credit to the public
230.5
263.8
234.5
Ratio of net write-offs to average total credit to the public (1)
(0.06)
–
0.03
Ratio of expenses (income) for credit losses to average total credit to the public (1)
(0.06)
0.38
0.42
Principal data from the statement of income
For the nine months
ended September 30,
2024
2023
NIS million
Net profit attributed to shareholders of the Bank
1,798
1,673
Interest Income, net
3,601
3,820
Expenses (income) from credit losses
(51)
336
Total non-Interest income
1,436
1,216
Of which: Fees
1,123
1,131
Total operating and other expenses
2,240
2,197
Of which: Salaries and related expenses
1,302
1,353
Primary net profit per share of NIS 0.05 par value (NIS)
17.92
16.67
Principal data from the balance sheet
30.9.24
30.9.23
31.12.23
NIS million
Total assets
242,512
210,673
221,593
of which: Cash and deposits with banks
81,440
61,659
68,866
Securities
28,860
22,043
26,985
Credit to the public, net
124,749
118,577
117,622
Total liabilities
228,823
198,542
208,947
of which: Deposits from the public
212,907
181,274
191,125
Deposits from banks
2,631
3,824
4,314
Bonds and subordinated capital notes
4,474
4,751
4,767
Capital attributed to the shareholders of the Bank
13,066
11,583
12,071
Additional data
30.9.24
30.9.23
31.12.23
Share price (0.01 NIS)
15,410
16,360
14,990
Dividend per share (0.01 NIS)
739
706
795
(1) Annualized.
(2) Including provision in respect of off-balance sheet credit instruments.
CONSOLIDATED STATEMENT OF INCOME
(NIS million)
For the three months
ended September 30
For the nine months
ended September 30
For the year Ended
December 31
2024
2023
2024
2023
2023
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(audited)
Interest Income
2,955
2,590
8,410
7,289
9,850
Interest Expenses
1,690
1,363
4,809
3,469
4,884
Interest Income, net
1,265
1,227
3,601
3,820
4,966
Expenses (income) from credit losses
22
165
(51)
336
502
Net Interest Income after expenses from credit losses
1,243
1,062
3,652
3,484
4,464
Non- Interest Income
Non-Interest Financing income
153
(1)
300
78
142
Fees
396
375
1,123
1,131
1,502
Other income
3
–
13
7
8
Total non- Interest income
552
374
1,436
1,216
1,652
Operating and other expenses
Salaries and related expenses
430
438
1,302
1,353
1,746
Maintenance and depreciation of premises and equipment
91
89
264
256
341
Amortizations and impairment of intangible assets
36
31
99
91
122
Other expenses
220
175
575
497
668
Total operating and other expenses
777
733
2,240
2,197
2,877
Profit before taxes
1,018
703
2,848
2,503
3,239
Provision for taxes on profit
390
247
1,033
869
1,090
Profit after taxes
628
456
1,815
1,634
2,149
The bank’s share in profit of equity-basis investee, after taxes
22
21
62
105
113
Net profit:
Before attribution to non‑controlling interests
650
477
1,877
1,739
2,262
Attributed to non‑controlling interests
(30)
(22)
(79)
(66)
(90)
Attributed to shareholders of the Bank
620
455
1,798
1,673
2,172
NIS
Primary profit per share attributed to the shareholders of the Bank
Net profit per share of NIS 0.05 par value
6.18
4.53
17.92
16.67
21.65
STATEMENT OF COMPREHENSIVE INCOME
(NIS million)
For the three months
ended September 30
For the nine months
ended September 30
For the year Ended
December 31
2024
2023
2024
2023
2023
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(audited)
Net profit before attribution to non‑controlling interests
650
477
1,877
1,739
2,262
Net profit attributed to non‑controlling interests
(30)
(22)
(79)
(66)
(90)
Net profit attributed to the shareholders of the Bank
620
455
1,798
1,673
2,172
Other comprehensive income (loss) before taxes:
Adjustments of available for sale bonds to fair value, net
129
52
(115)
78
213
Adjustments of liabilities in respect of employee benefits(1)
(2)
34
10
37
25
Other comprehensive income (loss) before taxes
127
86
(105)
115
238
Related tax effect
(49)
(29)
41
(40)
(81)
Other comprehensive income (loss) before attribution to non‑controlling interests, after taxes
78
57
(64)
75
157
Less other comprehensive income (loss) attributed to non‑controlling interests
3
1
(2)
6
9
Other comprehensive income (loss) attributed to the shareholders of the Bank, after taxes
75
56
(62)
69
148
Comprehensive income before attribution to non‑controlling interests
728
534
1,813
1,814
2,419
Comprehensive income attributed to non‑controlling interests
(33)
(23)
(77)
(72)
(99)
Comprehensive income attributed to the shareholders of the Bank
695
511
1,736
1,742
2,320
(1) Mostly reflects adjustments in respect of actuarial assessments as of the end of the period regarding defined benefits pension plans and deduction of amounts recorded in the past in other comprehensive income.
CONSOLIDATED BALANCE SHEET
(NIS million)
September 30,
December 31,
2024
2023
2023
(unaudited)
(unaudited)
(audited)
Assets
Cash and deposits with banks
81,440
61,659
68,866
Securities
28,860
22,043
26,985
Securities borrowed
147
155
57
Credit to the public
126,374
120,073
119,240
Provision for Credit losses
(1,625)
(1,496)
(1,618)
Credit to the public, net
124,749
118,577
117,622
Credit to the government
1,611
1,015
1,055
Investment in investee company
854
776
786
Buildings and equipment
852
871
877
Intangible assets
350
305
328
Assets in respect of derivative instruments
2,308
3,940
3,651
Other assets(2)
1,341
1,332
1,366
Total assets
242,512
210,673
221,593
Liabilities and Capital
Deposits from the public
212,907
181,274
191,125
Deposits from banks
2,631
3,824
4,314
Deposits from the Government
689
665
750
Securities lent or sold under agreements to repurchase
1,542
–
–
Bonds and subordinated capital notes
4,474
4,751
4,767
Liabilities in respect of derivative instruments
2,086
3,496
3,784
Other liabilities(1)(3)
4,494
4,532
4,207
Total liabilities
228,823
198,542
208,947
Shareholders’ equity
13,066
11,583
12,071
Non-controlling interests
623
548
575
Total capital
13,689
12,131
12,646
Total liabilities and capital
242,512
210,673
221,593
(1) Of which: provision for credit losses in respect of off-balance sheet credit instruments in the amount of NIS 160 million and NIS 150 million and NIS 165 million at 30.9.24, 30.9.23 and 31.12.23, respectively.
(2) Of which: other assets measured at fair value in the amount of NIS 16 million and NIS 13 million and NIS 10 million at 30.9.24, 30.9.23 and 31.12.23, respectively.
(3) Of which: other liabilities measured at fair value in the amount of NIS 48 million and NIS 26 million and NIS 11 million at 30.9.24, 30.9.23 and 31.12.23, respectively.
STATEMENT OF CHANGES IN EQUITY
(NIS million)
For the three months ended September 30, 2024 (unaudited)
Share
capital and
premium (1)
Accumulated
other
comprehensive
income (loss)
Retained
earnings (2)
Total
share-holders’
equity
Non-
controlling
interests
Total
capital
Balance as of June 30, 2024
927
(292)
11,980
12,615
590
13,205
Net profit for the period
–
–
620
620
30
650
Dividend
–
–
(244)
(244)
–
(244)
Other comprehensive income, after tax effect
–
75
–
75
3
78
Balance as at September 30, 2024
927
(217)
12,356
13,066
623
13,689
For the three months ended September 30, 2023 (unaudited)
Share
capital and
premium (1)
Accumulated
other
comprehensive
income (loss)
Retained
earnings (2)
Total
share-holders’
equity
Non-
controlling
interests
Total
capital
Balance as of June 30, 2023
927
(290)
10,655
11,292
525
11,817
Net profit for the period
–
–
455
455
22
477
Dividend
–
–
(220)
(220)
–
(220)
Other comprehensive income, after tax effect
–
56
–
56
1
57
Balance as at September 30, 2023
927
(234)
10,890
11,583
548
12,131
For the nine months ended September 30, 2024 (unaudited)
Share
capital and
premium (1)
Accumulated
other
comprehensive
loss
Retained
earnings (2)
Total
share-holders’
equity
Non-
controlling
interests
Total
capital
Balance as at December 31, 2023 (audited)
927
(155)
11,299
12,071
575
12,646
Net profit for the period
–
–
1,798
1,798
79
1,877
Dividend
–
–
(741)
(741)
(29)
(770)
Other comprehensive loss, after tax effect
–
(62)
–
(62)
(2)
(64)
Balance as at September 30, 2024
927
(217)
12,356
13,066
623
13,689
For the nine months ended September 30, 2023 (unaudited)
Share
capital and
premium (1)
Accumulated
other
comprehensive
income (loss)
Retained
earnings (2)
Total
share-holders’
equity
Non-
controlling
interests
Total
capital
Balance as at December 31, 2022 (audited)
927
(303)
9,935
10,559
476
11,035
Adjustment of the opening balance, net of tax, due to the effect of initial implementation in investee company*
–
–
(10)
(10)
–
(10)
Adjusted balance at January 1, 2023, following initial implementation
927
(303)
9,925
10,549
476
11,025
Net profit for the period
–
–
1,673
1,673
66
1,739
Dividend
–
–
(708)
(708)
–
(708)
Other comprehensive income, after tax effect
–
69
–
69
6
75
Balance as at September 30, 2023
927
(234)
10,890
11,583
548
12,131
STATEMENT OF CHANGES IN EQUITY (CONT’D)
(NIS million)
For the year ended December 31, 2023 (audited)
Share
capital and
premium(1)
Accumulated
other
comprehensive
income (loss)
Retained
earnings(2)
Total
Non-
controlling
interests
Total
capital
Balance as at December 31, 2022
927
(303)
9,935
10,559
476
11,035
Adjustment of the opening balance, net of tax, due to the effect of initial implementation in investee company *
–
–
(10)
(10)
–
(10)
Adjusted balance at January 1, 2023, following initial implementation
927
(303)
9,925
10,549
476
11,025
Net profit for the year
–
–
2,172
2,172
90
2,262
Dividend
–
–
(798)
(798)
–
(798)
Other comprehensive income, after tax effect
–
148
–
148
9
157
Balance as at December 31, 2023
927
(155)
11,299
12,071
575
12,646
* Cumulative effect of the initial implementation of US accounting principles in the matter of financial instruments – credit losses (ASC-326).
(1) Including share premium of NIS 313 million (as from 1992 onwards).
(2) Including an amount of NIS 2,391 million which cannot be distributed as dividend.
Contact:
Dafna Zucker
First International Bank of Israel
Zucker.d@fibi.co.il
+972-3-519-6224
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SOURCE First International Bank of Israel
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At the center of the program is the Vector ONE™ — Edge’s factory-built, self-contained immersion cooling system designed to house 1 MW of AI compute capacity. Vector ONE units are engineered for deployment in standard commercial and industrial buildings, either indoors or outdoors, arriving pre-integrated, fully commissioned and require no municipal water connection. Installations are modular and scalable: additional units can be commissioned as site power and demand allow, without rebuilding the underlying infrastructure and occupy up to 70% less floor space than air-cooled equivalents.
Built for the Shift to Inference
As inference moves to displace training as the dominant AI workload, the growth opportunity is shifting towards small, distributed data centers that can be deployed quickly and sited where demand originates. Conventional data center developments are under compounding pressure from long utility interconnection queues, sometimes lasting years, pressure around water use, and general community and regulatory opposition enacting restrictions. Community opposition and regulatory friction delayed or blocked an estimated $156 billion in planned U.S. data center capacity in 2025 alone.
EdgeSites is purpose-built for the structural shift to inference and addresses key issues stalling conventional data center developments today. Each Vector ONE unit delivers 1 MW of inference-ready capacity inside an existing building, in a market that already has established electrical infrastructure, in a timeline measured in months rather than years. Multiple units can be used in tandem to deploy up to 10 MW of capacity at a single site. The program converts the distributed inventory of underutilized industrial or commercial electrical capacity in the United States into a nationally scaled inference network. Vector ONE’s dry-cooler loop consumes no municipal water, making EdgeSites viable in markets where evaporative cooling has been restricted or banned.
“The data center industry has been answering an infrastructure shortage with a construction playbook — build new facilities, secure new grid connections, wait years for capacity to come online,” said Robert Schuetzle, CEO of Infinium. “That model cannot keep pace with AI deployment timelines. Infinium EdgeSites operate around different premises: the power already exists, the buildings already exist, and the technology now exists to put them to work. We are making operational what the industry has been treating as stranded.”
Deploying EdgeSites
As demand for AI compute continues to outpace available infrastructure and focuses on distributed inference needs, Infinium Edge is expanding the EdgeSites network with qualified host locations and compute partners.
Commercial and industrial property owners of industrial sites, distribution centers, warehouses, or large commercial properties with available electrical capacity benefit from receiving lease income from infrastructure they already own or control. Infinium Edge manages all aspects of site development and operations for installing and deploying the Vector ONE system. No capital investment or operational responsibility is required from the host.
AI companies, enterprises, and compute operators requiring infrastructure on compressed deployment timelines can access high-density, edge-proximate GPU capacity through a straightforward capacity agreement, priced by the kilowatt-month, with backup power included in the capacity fee. There is no construction to manage, no permitting process to navigate, and no cooling infrastructure to operate or maintain.
Infinium Edge manages the full program from development and installation to operation and monitoring— simplifying development and data center management for AI companies and enterprises.
Reach out to learn more and partner in EdgeSites deployments.
Inquiries: www.infinium.ai/edgesites
About Infinium Edge™
Infinium Edge™ is the advanced AI data center infrastructure platform from Infinium, delivering high-density, sustainable compute through proprietary single-phase immersion cooling technology. Infinium Edge is the only North American producer of Fischer-Tropsch immersion fluids and offers a full-stack platform — including Edge Thermal Vectoring™ platform, Vector ONE™ modular AI Factory units, ETV100 immersion fluids, and integrated monitoring systems — engineered for the thermal and operational demands of AI and high-performance computing at scale. For more information, visit www.infinium.ai.
View original content to download multimedia:https://www.prnewswire.com/news-releases/infinium-edge-launches-edgesites-a-new-infrastructure-model-for-deploying-ai-compute-at-existing-commercial-and-industrial-facilities-302832792.html
SOURCE Infinium
Technology
ChipMOS SCHEDULES SECOND QUARTER 2026 FINANCIAL RESULTS SEMIANNUAL CONFERENCE CALL
Published
49 minutes agoon
July 23, 2026By
HSINCHU, July 23, 2026 /PRNewswire-FirstCall/ — ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services (“OSAT”), today announced that it will report second quarter 2026 results and host a semiannual conference call after the close of trading on the Taiwan Stock Exchange on Tuesday, August 11, 2026.
Investors and analysts are encouraged to participate in the semiannual conference call using the dial-in phone number noted below. A webcast and replay will be available on the Company’s website.
Date: Tuesday, August 11, 2026
Time: 3:00PM Taiwan (3:00AM New York)
Dial-In: +886-2-3396 1191
Password: 1637011 #
Semiannual Conference Call Webcast and Replay: https://www.chipmos.com/chinese/ir/info2.aspx
Replay: Starts Approximately 2 hours after the live call ends
Language: Mandarin
Note: A transcript will be provided on the Company’s website in English following the semiannual conference call to help ensure transparency, and to facilitate a better understanding of the Company’s financial results and operating environment.
About ChipMOS TECHNOLOGIES INC.:
ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS) (www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS is known for its track record of excellence and history of innovation. The Company provides end-to-end assembly and test services to leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries serving virtually all end markets worldwide.
Forward-Looking Statements:
This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategies, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding current macroeconomic conditions, including the impacts of high inflation, foreign exchange rates and risk of recession, on demand for our products, consumer confidence and financial markets generally; changes in trade regulations, policies, and agreements and the imposition of tariffs that affect our products or operations, including potential new tariffs that may be imposed and our ability to mitigate with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, based on a number of important factors and risks, which are more specifically identified in the Company’s most recent U.S. Securities and Exchange Commission (the “SEC”) filings. Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the SEC and in its other filings with the SEC.
Contacts:
In Taiwan
Jesse Huang
ChipMOS TECHNOLOGIES INC.
+886-6-5052388 ext. 7715
In the U.S.
David Pasquale
Global IR Partners
+1-914-337-8801
View original content:https://www.prnewswire.com/news-releases/chipmos-schedules-second-quarter-2026-financial-results-semiannual-conference-call-302831885.html
SOURCE ChipMOS TECHNOLOGIES INC.
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