International Bank ended the year 2023 with a profit of NIS 2.17 billion, a jump of 30.3%

The International Bank ended the year 2023 with a profit of NIS 2.17 billion, a jump of 30.3% compared to 2022 - the profit reflects a return on capital of 19.7%, compared to 16.6% in 2022.
The return on equity will most likely be the highest among the banks - it is higher than that of Poalim, Mizrahi Tefahot and Discount, which have already published results, and is expected to be higher than that of Leumi, which has not yet published its annual report.
The International Bank ended the year 2023 with a profit of NIS 2.17 billion, a jump of 30.3% compared to 2022 - the profit reflects a return on capital of 19.7%, compared to 16.6% in 2022.
The return on equity will most likely be the highest among the banks - it is higher than that of Poalim, Mizrahi Tefahot and Discount, which have already published results, and is expected to be higher than that of Leumi, which has not yet published its annual report.
The bank's reports were positively and substantially affected by the increase in interest rates: financing income was NIS 4.96 billion, a jump of 30% compared to 2022. In the bottom line, the effects of the increase in interest rates were more significant than the increase in provisions for credit losses, so in the bottom line the bank's profits jumped last year.
On the other hand, in the growth of the credit portfolio, the data are rather lukewarm. The extent of the bank's credit portfolio increased by only 1.8% last year to NIS 119.2 billion. Credit for large businesses recorded an unusual increase of 26.9% to NIS 35.2 billion, but in other areas the credit portfolio actually shrank. For example, credit to small businesses decreased by 9.6%, and credit to households (excluding mortgages) decreased by 5.9%. On the other hand, the bank's deposits grew last year at a relatively sharp rate of 13.6% and stood at NIS 191.1 billion.