The First International Bank profit increased by 8.1% in 2018 to NIS 733 million

The First International Bank publishes its reports for the previous year: The bank's net profit increased by 8.1% in 2018 to NIS 733 million. Return on equity reached 9.3%, compared with 9.1% in 2017. Net profit excluding non-recurring items in 2011 amounted to NIS 675 million, an increase of 10.8%, and adjusted return on equity reached 8.6%, compared with 8.2% in 2017.
In the fourth quarter, the bank posted a profit of NIS 165 million, an increase of 4.4% compared to the corresponding quarter. Return on equity in the fourth quarter reached 8.4%, similar to the return on equity in the corresponding quarter last year. Profit in the fourth quarter includes exceptional expenses on salary agreements and bonuses with employees in the subsidiaries, including retirement plans.
Operating and other expenses totaled NIS 2.81 billion in 2018, an increase of 8.1%, mainly due to the aforementioned wage agreements - an increase of 7.4% to NIS 1.69 billion in salaries and related expenses. The Bank's workforce decreased by 3.7%, operating areas decreased by 7%, the efficiency ratio improved to 68.4% compared to 69.5% in the previous year.