Technology
First International Bank of Israel Reports Financial Results for the Fourth Quarter and Full Year of 2024
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1 year agoon
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Reflects continued growth and strong profitability while maintaining financial stability
TEL AVIV, Israel, March 12, 2025 /PRNewswire/ — First International Bank of Israel (TASE: FIBI) one of Israel’s major banking groups, today announced its results for the fourth quarter of the year.
Financial Highlights
Net income of NIS 2,371 million in the year 2024; Return on equity 19%;Net income of NIS 573 million in the fourth quarter of 2024; Return on equity 17.4%Net credit to the public grew by 10% in 2024 and by 3.7% in the fourth quarter;Deposits from the public grew by 12.4% in 2024 and by 0.9% in the fourth quarter;Customers’ assets grew by 25% in 2024 and by 5% in the fourth quarter, and reached NIS 839 billion;Equity attributed to the Bank’s shareholders amounted to NIS 13.4 billion; an increase of 11.3% compared to the end of 2023; Tier 1 shareholders’ equity ratio of 11.31%;The Bank’s Board of Directors decided on the distribution of a dividend amounting to NIS 228 million, representing a return of 40% of the net income;
Financial Results of the Fourth Quarter and Full Year 2024
The First International Group’s net income amounted to NIS 2,371 million in 2024, an increase of 9.2% compared with that of the previous year. The return on equity reached 19%.
In the fourth quarter of the year, the net income amounted to NIS 573 million, an increase of 14.8% over that of the previous year. The return on equity was 17.4%.
Credit to the public, net, amounted to NIS 129.4 billion, an increase of 10% in 2024 and an increase of 3.7% in the fourth quarter.
Deposits from the public amounted to NIS 214.8 billion, an increase of 12.4% in 2024 and 0.9% in the fourth quarter. The customers’ assets portfolio increased by 25% in comparison with that of the previous year and by 5% in the fourth quarter of 2024, and amounted to NIS 839 billion.
Equity attributed to the Bank’s shareholders increased to NIS 13.4 billion, an increase of 11.3% by comparison with the end of 2023. The tier 1 shareholders’ equity ratio increased to 11.31%, 2.1 percentage points above the required regulatory amount. The liquidity coverage ratio remained high and stood at 165%.
Considering the directives of the Supervisor of Banks regarding Capital Planning and Profits Distribution Policy, the Bank’s Board of Directors approved the distribution of a cash dividend to shareholders amounting to NIS 228 million, representing 40% of net income. The Board of Directors will continue to consider the implementation of the Bank’s dividend distribution policy, according to which the bank will distribute up to 50% of its net profit each year, in light of ongoing developments and impacts on the economy and the Bank.
Income for credit losses amounted to NIS 16 million in 2024, compared with expenses of NIS 502 million in 2023. The expenses for credit losses were NIS 35 million in the fourth quarter of the year, of which the collective expense was NIS 41 million. The percentage of the expense to the average balance of credit to the public was 0.11%.
In terms of the qualitative credit portfolio, the non-performing loan (NPL) ratio (the balance of non-accrual debts or debts that are in arrears of 90 days or more, out of the balance of the credit to the public) declined, and reached 0.53% at the end of the fourth quarter, as compared to 0.6% at the end of 2023. The ratio is an indication of the quality of the credit portfolio.
Operating and other expenses amounted to NIS 2,977 million in 2024, an increase of 3.5% over 2023 and was primarily due to an improved efficiencies as well as the impact of inflation. The 2024 efficiency ratio stood at 44.1%.
Management Comment
Eli Cohen, First International Bank Israel’s Chief Executive Officer, commented, “2024 presented many challenges for us, amid ongoing uncertainty. The Swords of Iron War negatively affected hundreds of thousands of Israelis, both directly and indirectly, and the Bank’s staff and managers remained fully committed to providing optimal customer service throughout the period. Together with a series of benefits and reliefs for First International Bank’s customers, we continued to support Israel’s security forces and to society in general. This is primarily through an initiative we launched in the early days of the war, and which continues today. As part of this initiative, we stand by and supports the brave members of Kibbutz Nir Oz, who have suffered devasting losses in the attack.”
“I am proud and grateful to the thousands of First International Bank’s staff members, for their devotion during this period of war, for their motivation, their determination and their dedicated service they continue to provide our customers.”
“Today, we published the Bank’s financial results for 2024. Despite the significant challenges, the results reflect resilience and growth. This year, we have seen strong momentum in our core operations and strategic focus areas, with the credit portfolio growing by 10% and customer assets increasing by 25%. We have achieved growth through our activity with new customers and the continued expansion in our activity with existing customers, reinforcing our position as the leading bank in the capital markets sector. “
“The Bank’s results are also marked through a high level of financial stability, reflected in the quality of the credit portfolio, as well as the high capital and liquidity ratios. This stability is of considerable importance in the current period of economic uncertainty.”
“We are continuing to improve our value proposition to customers, by providing both a personalized service and also through our digital capabilities. The First International Bank’s customers are the first who can benefit from FibiWise, an innovative system we developed, that provides customers with a comprehensive financial view of their various accounts across all banks and financial institutions. Additionally, we also recently launched a preloaded wallet called Beyond, which, for the first time in the Israeli banking system, enables its holders to benefit from significant fixed benefits on their purchases.”
“I hope and pray that we will achieve calm in the security situation on the various fronts, for the safe return of the residents of the North and the South and for the return of all the hostages. I send my wishes for a speedy and full recovery to all the wounded and share my deepest condolences to the bereaved families.”
CONDENSED PRINCIPAL FINANCIAL INFORMATION AND PRINCIPAL EXECUTION INDICES
Principal financial ratios
2024
2023
2022
2021
2020
percent
Execution indices
Return on equity attributed to shareholders of the Bank
19.0
19.7
16.6
14.7
8.6
Return on average assets
1.02
1.06
0.89
0.82
0.49
Ratio of equity capital tier 1
11.31
11.35
10.42
11.46
11.18
Leverage ratio
5.18
5.26
5.19
5.34
5.29
Liquidity coverage ratio(1)
165
156
127
128
150
Net stable funding ratio(2)
140
146
133
139
Ratio of total income to average assets
2.9
3.2
2.9
2.6
2.7
Ratio of interest income, net to average assets
2.0
2.4
2.0
1.6
1.7
Ratio of fees to average assets
0.7
0.7
0.8
0.8
0.9
Efficiency ratio
44.1
43.5
50.9
58.3
61.8
Credit quality indices
Ratio of provision for credit losses to credit to the public
1.25
1.36
1.02
1.05
1.38
Ratio of total provision for credit losses (3) to credit to the public
1.38
1.50
1.12
1.13
1.48
Ratio of non-accruing debts or in arrears of 90 days or more to credit to the public
0.53
0.60
0.48
**0.63
0.86
Ratio of provision for credit losses to total non-accruing credit to the public
244.6
234.5
219.7
**244.0
221.3
Ratio of net write-offs to average total credit to the public
(0.04)
0.03
0.03
(0.01)
0.10
Ratio of expenses (income) for credit losses to average total credit to the public
(0.01)
0.42
0.11
(0.23)
0.52
Principal data from the statement of income
2024
2023
2022
2021
2020
NIS million
Net profit attributed to shareholders of the Bank
2,371
2,172
1,667
1,405
750
Interest Income, net
4,740
4,966
3,803
2,794
2,637
Expenses (income) from credit losses
(16)
502
123
(216)
464
Total non-interest income
2,006
1,652
1,611
1,756
1,523
Of which: Fees
1,553
1,502
1,489
1,444
1,371
Total operating and other expenses
2,977
2,877
2,755
2,652
2,569
Of which: Salaries and related expenses
1,739
*1,766
*1,700
*1,621
*1,552
Primary net profit per share of NIS 0.05 par value (NIS)
23.63
21.65
16.62
14.00
7.48
Principal data from the balance sheet
2024
2023
2022
2021
2020
NIS million
Total assets
248,563
221,593
195,955
180,470
167,778
of which: Cash and deposits with banks
77,175
68,866
57,130
57,370
57,802
Securities
34,396
26,985
16,010
15,091
13,105
Credit to the public, net
129,416
117,622
115,961
101,164
90,970
Total liabilities
234,479
208,947
184,920
170,033
158,243
of which: Deposits from the public
214,755
191,125
168,269
153,447
141,677
Deposits from banks
2,508
4,314
4,821
5,144
2,992
Bonds and subordinated capital notes
4,479
4,767
4,749
3,356
4,394
Capital attributed to the shareholders of the Bank
13,430
12,071
10,559
10,003
9,141
Additional data
2024
2023
2022
2021
2020
Share price (0.01 NIS)
17,940
14,990
13,900
12,950
8,514
Dividend per share (0.01 NIS)
986
795
942
543
125
Average number of positions (4)
3,555
3,634
3,676
3,715
3,895
* Reclassified.
** Restated in respect of the new disclosure format on non-accruing debts instead of impaired debts, since January 1, 2022. Comparative data for 2020 have not been restated.
(1) The ratio is computed in respect of the three months ended at the end of the reporting period.
(2) According to instructions of the Bank of Israel the Net stable funding ratio was calculated since 2021. Therefor no comparative data is stated.
(3) Including provision in respect of off-balance sheet credit instruments.
(4) The number of positions includes conversion of overtime in terms of positions.
STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31
(NIS million)
Consolidated
The Bank
2024
2023
2022
2024
2023
2022
Interest Income
11,097
9,850
5,161
10,506
9,317
4,833
Interest Expenses
6,357
4,884
1,358
6,251
4,801
1,339
Interest Income, net
4,740
4,966
3,803
4,255
4,516
3,494
Expenses (income) from credit losses
(16)
502
123
(23)
484
118
Net Interest Income after expenses from credit losses
4,756
4,464
3,680
4,278
4,032
3,376
Non-Interest Income
Non-Interest Financing income
432
142
113
432
161
111
Fees
1,553
1,502
1,489
1,387
1,348
1,331
Other income
21
8
9
78
62
66
Total non-Interest income
2,006
1,652
1,611
1,897
1,571
1,508
Operating and other expenses
Salaries and related expenses
1,739
*1,766
*1,700
1,620
*1,644
*1,582
Maintenance and depreciation of premises and equipment
359
*321
*312
334
*297
*288
Amortizations and impairment of intangible assets
134
122
113
133
120
111
Other expenses
745
668
630
717
642
604
Total operating and other expenses
2,977
2,877
2,755
2,804
2,703
2,585
Profit before taxes
3,785
3,239
2,536
3,371
2,900
2,299
Provision for taxes on profit
1,383
1,090
884
1,228
973
801
Profit after taxes
2,402
2,149
1,652
2,143
1,927
1,498
The bank’s share in profit of equity-basis investee, after taxes
74
113
74
228
245
169
Net profit:
Before attribution to non-controlling interests
2,476
2,262
1,726
2,371
2,172
1,667
Attributed to non-controlling interests
(105)
(90)
(59)
–
–
–
Attributed to shareholders of the Bank
2,371
2,172
1,667
2,371
2,172
1,667
Consolidated and The Bank
2024
2023
2022
Primary profit per share attributed to the shareholders of the Bank
NIS
Net profit per share of NIS 0.05 par value
23.63
21.65
16.62
* Reclassified.
Tel-Aviv, March 11, 2025
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31
(NIS million)
Consolidated
2024
2023
2022
Net profit before attribution to non-controlling interests
2,476
2,262
1,726
Net profit attributed to non-controlling interests
(105)
(90)
(59)
Net profit attributed to the shareholders of the Bank
2,371
2,172
1,667
Other comprehensive income (loss) before taxes:
Adjustments of available for sale bonds to fair value, net
31
213
(441)
Adjustments of liabilities in respect of employee benefits(1)
(60)
25
235
Other comprehensive income (loss) before taxes
(29)
238
(206)
Related tax effect
9
(81)
71
Other comprehensive income (loss) before attribution to non-controlling interests, after taxes
(20)
157
(135)
Less other comprehensive income (loss) attributed to non-controlling interests
3
9
(13)
Other comprehensive income (loss) attributed to the shareholders of the Bank, after taxes
(23)
148
(122)
Comprehensive income before attribution to non-controlling interests
2,456
2,419
1,591
Comprehensive income attributed to non-controlling interests
(108)
(99)
(46)
Comprehensive income attributed to the shareholders of the Bank
2,348
2,320
1,545
(1) Mostly reflects adjustments in respect of actuarial assessments as of the end of the period regarding defined benefits pension plans, of
amounts recorded in the past in other comprehensive profit.
BALANCE SHEET AS AT DECEMBER 31
(NIS million)
Consolidated
The Bank
2024
2023
2024
2023
Assets
Cash and deposits with banks
77,175
68,866
76,194
67,472
Securities
34,396
26,985
31,996
25,940
Securities which were borrowed
70
57
70
57
Credit to the public
131,050
119,240
124,573
113,118
Provision for Credit losses
(1,634)
(1,618)
(1,533)
(1,520)
Credit to the public, net
129,416
117,622
123,040
111,598
Credit to the government
1,496
1,055
789
369
Investment in equity-basis investees
842
786
1,826
1,642
Premises and equipment
867
877
847
855
Intangible assets
363
328
360
324
Assets in respect of derivative instruments
2,565
3,651
2,565
3,651
Other assets(2)
1,373
1,366
1,290
1,293
Total assets
248,563
221,593
238,977
213,201
Liabilities and Shareholders’ Equity
Deposits from the public
214,755
191,125
207,007
184,082
Deposits from banks
2,508
4,314
4,091
6,344
Deposits from the Government
2,540
750
2,540
750
Securities lent or sold under agreements to repurchase
2,304
–
2,304
–
Bonds and subordinated capital notes
4,479
4,767
2,218
2,442
Liabilities in respect of derivative instruments
2,729
3,784
2,732
3,790
Other liabilities(1)(3)
5,164
4,207
4,655
3,722
Total liabilities
234,479
208,947
225,547
201,130
Capital attributed to the shareholders of the Bank
13,430
12,071
13,430
12,071
Non-controlling interests
654
575
–
–
Total equity
14,084
12,646
13,430
12,071
Total liabilities and shareholders’ equity
248,563
221,593
238,977
213,201
(1) Of which: provisions for credit losses in respect of off-balance sheet credit instruments in the amount of NIS 177 million and NIS 165 million
(consolidated) and NIS 173 million and NIS 161 million (the Bank) as of December 31, 2024 and 2023, respectively.
(2) Of which: other assets measured at fair value in the amount of NIS 1 million consolidated and the Bank (31.12.23 – NIS 10 million
consolidated and the Bank).
(3) Of which: other liabilities measured at fair value in the amount of NIS 1 million consolidated and the Bank (31.12.23 – NIS 11 million
consolidated and the Bank).
STATEMENT OF CHANGES IN EQUITY
(NIS million)
Share capital
and premium (1)
Accumulated other
comprehensive
income (loss)
Retained
earnings(2)
Total share-
holders’
equity
Non- controlling
interests
Total equity
Balance as at January 1, 2022
927
(181)
9,213
9,959
430
10,389
Changes during 2022 –
Net profit for the year
–
–
1,667
1,667
59
1,726
Dividend
–
–
(945)
(945)
–
(945)
Other comprehensive loss, after tax effect
–
(122)
–
(122)
(13)
(135)
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)
Balance as at January 1, 2023, following initial implementation
927
(303)
9,925
10,549
476
11,025
Changes during 2023 –
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
Changes during 2024 –
Net profit for the year
–
–
2,371
2,371
105
2,476
Dividend
–
–
(989)
(989)
(29)
(1,018)
Other comprehensive income (loss), after tax effect
–
(23)
–
(23)
3
(20)
Balance as at December 31, 2024
927
(178)
12,681
13,430
654
14,084
* 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
View original content:https://www.prnewswire.com/news-releases/first-international-bank-of-israel-reports-financial-results-for-the-fourth-quarter-and-full-year-of-2024-302399621.html
SOURCE First International Bank of Israel
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For more news and information, visit www.imda.gov.sg or follow IMDA on LinkedIn (IMDAsg), Facebook (IMDAsg) and Instagram (@imdasg).
About Tencent
Tencent is a world-leading internet and technology company that develops innovative products and services to improve the quality of life of people around the world. Our communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even be entertained. Our financial technology business covers payment, credit, wealth management and insurance sectors, as we support our partners’ business growth and assist their digital upgrade through FinTech and other enterprise services. We also publish some of the world’s most popular video games and other high-quality digital content, enriching interactive entertainment experiences for people around the globe. Tencent was founded in Shenzhen, China, in 1998, and has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/imda-and-tencent-debut-beyond-the-screen-to-champion-real-world-connection-through-digital-play-302760594.html
SOURCE IMDA; Tencent
Technology
Leading Vision Plans for Retirees (2026): VSP Vision Care Highlighted for Senior-Friendly Eye Care Benefits by Expert Consumers
Published
2 hours agoon
May 2, 2026By
NEW YORK, May 2, 2026 /PRNewswire/ — As more individuals transition into retirement, maintaining consistent access to vision care is becoming an important part of overall health planning. A recent report by Expert Consumers examines how individual vision insurance options are adapting to meet these needs, with VSP® Vision Care Individual Vision Plans identified as a structured option for retirees seeking predictable and accessible eye care coverage.
Vision Insurance for Seniors
VSP® Vision Care – individual vision plans offering routine eye exams, eyewear allowances, and predictable costs designed to support consistent, accessible eye care throughout retirement
The report notes that while many retirees prioritize medical insurance, vision care is often handled separately. Regular eye exams and updated prescriptions are important not only for maintaining clear vision but also for identifying early signs of certain health conditions. This has increased interest in standalone vision plans that provide defined benefits without relying on employer-sponsored coverage.
Access to Individual Vision Plans
Individual vision plans are designed to give retirees flexibility and independence when selecting coverage. Providers such as VSP Vision Care offer plans that can be purchased directly and tailored to different levels of care.
Common features include:
Multiple plan options with clearly outlined benefitsCoverage for routine eye care servicesTransparent pricing structures for easier budgeting
This approach allows retirees to continue receiving routine vision services without interruption after leaving the workforce.
Preventive Care Through Routine Eye Exams
Routine eye exams are a central component of many vision plans, including those offered by VSP Vision Care. These exams are typically available with fixed copays, helping reduce uncertainty around healthcare expenses.
Eye exams also play a role in preventive care and may help detect early signs of:
DiabetesHigh blood pressureAge-related vision conditions
Including regular exams as a core benefit supports ongoing monitoring of both eye health and general health.
Eyewear Coverage and Allowances
Coverage for eyewear is another key feature for retirees. Vision plans often include allowances that can be applied toward glasses or contact lenses on a recurring basis.
Typical benefits include:
Periodic allowances for frames or contact lensesCoverage for standard and progressive lensesReduced costs for lens enhancements like anti-glaire coating and scratch resistance
These features help individuals manage the recurring need for updated prescriptions and replacement eyewear.
Cost Transparency and Savings
Affordability remains an important consideration in retirement. Structured pricing models are designed to provide clarity and predictability in out-of-pocket expenses.
Common cost features include:
Set copays for routine services like eye examsDefined allowances for eyewear purchasesDiscounts on additional items beyond standard coverage
At this stage of the analysis, Expert Consumers highlights that predictable pricing and defined savings structures can help retirees better plan their spending over time.
Additional Benefits and Ongoing Value
Beyond core coverage, many vision plans include added features that extend their value. These may include savings on lens upgrades and a worry-free eyewear guarantee through participating Premier Edge locations.
Individual Vision Plans from VSP Vision Care also incorporate these types of benefits, supporting ongoing access to vision care while helping manage costs over time.
Such features provide flexibility for retirees who may require specialized eyewear or multiple pairs of glasses.
Key Considerations for Retirees
Selecting a vision plan in retirement involves evaluating several practical factors:
The balance between cost and coverageAccess to preventive and routine careOptions in eyewear benefits
Understanding how these elements work together can help retirees choose plans that support long-term vision care needs while remaining manageable in cost.
The Expert Consumers article notes that structured vision plans with clearly defined benefits and consistent pricing can support ongoing eye care needs. Individual vision plans,such as those offered by VSP Vision Care, reflect a model focused on preventive care and cost predictability for retirees managing their healthcare independently.
About VSP Vision Care
VSP Vision Care provides members access affordable eye care and eyewear through thousands of network providers. As the only national not-for-profit company in vision care, we reinvest our profits back into the communities we serve so that everyone can enjoy a lifetime of well-being.
About ExpertConsumers.org: Expert Consumers delivers news and insights on consumer products and services. As an affiliate, Expert Consumers may earn commissions from sales generated using links provided.
View original content:https://www.prnewswire.com/news-releases/leading-vision-plans-for-retirees-2026-vsp-vision-care-highlighted-for-senior-friendly-eye-care-benefits-by-expert-consumers-302760333.html
SOURCE ExpertConsumers.org
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