Technology
First International Bank of Israel Reports Financial Results for the Third Quarter of 2024
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2 years agoon
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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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Beyond raw power, the V1 Pro delivers 31.5% more wheel torque and 14.5% greater ground clearance, along with stronger front and rear suspension system for a smoother ride. Its larger 17-inch front and 14-inch rear Big Foot tires further enhance off-road control and rear traction, while the full-size frame is designed to accommodate a broader range of riders.
Make Their Next Ride Unforgettable
The Heybike V1 Pro is available now for $1,999 (MSRP $2,199). Customers can also receive a limited-quantity launch gift box with their purchase, while supplies last.
More riding challenges, giveaways, and community activities are on the way. Stay tuned for more ways to ride, connect, and share the adventure.
Shop the Heybike V1 Pro on its official website.
About Heybike
Heybike is a leading global e-bike brand making joy easy to reach for every age and every terrain, from city commutes to off-road adventures, blending accessible innovation, safety-first engineering, and design that connects. Every ride connects you to a worldwide community — to your family, to your city, and to the simple joy of moving. Learn more on Heybike’s official website.
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SOURCE Heybike
Technology
fileAI Signs Strategic Collaboration Agreement with AWS to Accelerate Rollout of Outcome-Driven AI Agents for BFSI Leaders
Published
11 minutes agoon
October 26, 2026By
SINGAPORE, Oct. 25, 2026 /PRNewswire/ — fileAI announced a strategic collaboration agreement (SCA) with Amazon Web Services, Inc. (AWS) to bring a new suite of AI agents to banking, financial services, and insurance (BFSI) leaders—built to complete critical operational workflows, not just assist with them.
fileAI’s data intelligence platform, fileForge, transforms enterprise files into trusted, governed intelligence for AI workflows, pairing repeatable skills with business context to carry complex business processes through to completion. Built on Amazon Bedrock and available through AWS Marketplace, it provides industry leaders across Asia and the US direct access to outcome-focused AI agents backed by AWS’s security, scale, and infrastructure.
Two of the company’s latest innovations underpin this philosophy: fileScout maps files ahead of extraction, optimising model routing and drastically reducing token consumption, whilst fileForensics surfaces actionable fraud signals directly into the processing pipeline. Together they ensure only clean, relevant, fraud-checked data ever reaches the workflow. For AWS customers, that means faster cycle times, fewer exceptions, and less manual rework, with the governance and traceability regulated organisations require.
The SCA follows a period of strong momentum for fileAI. On August 27, the company announced investment from SMBC Asia Rising Fund and Singtel Innov8, alongside the debut of fileScout. The funding supports fileAI’s expansion in Japan, building on its June 2026 partnership with JRE Ventures, and deeper investment in financial services capabilities.
“Enterprise AI has to be judged on outcomes, not activity,” said Christian Schneider, CEO of fileAI. “By building on Amazon Bedrock and deepening our collaboration with AWS, we’re giving finance and financial services leaders agents that take their most complex data and carry the work through to a completed, auditable result. With AWS and AWS Marketplace, we can bring that to customers across Asia and the US faster, and with the security and scale they expect.”
“Financial services customers consistently tell us that getting unstructured data ready for workflows they can trust is one of their biggest challenges,” said Jamie Simon, Director, Partner Sales & Development, Asia Pacific & Japan, AWS. “fileAI has built a strong approach to that problem on Amazon Bedrock—combining document intelligence with the governance regulated enterprises require. This collaboration makes it easier for customers to move from AI pilots to production with confidence, and we’re looking forward to scaling it across the region.”
About fileAI
fileAI is the enterprise intelligence company behind fileForge, the leading platform for complex business process automation. Where most AI falls short in production, fileForge provides the structure, validation, and traceability that makes agentic AI reliable by design. It unifies data capture, preparation, governance, and orchestration into auditable, SOP-driven workflows that transform unstructured and semi-structured data into trusted, reusable process intelligence.
Trusted by global enterprises including MS&AD, Toshiba, PwC, KPMG, Nippon Paint, and Keppel, fileAI has processed over 1 billion files across finance, insurance, supply chain, healthcare, and core business operations—delivering governed automation and contextual reuse for the world’s most complex workflows.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fileai-signs-strategic-collaboration-agreement-with-aws-to-accelerate-rollout-of-outcome-driven-ai-agents-for-bfsi-leaders-302917894.html
SOURCE fileAI
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fileAI Signs Strategic Collaboration Agreement with AWS to Accelerate Rollout of Outcome-Driven AI Agents for BFSI Leaders
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