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First International Bank of Israel Reports Robust Financial Results for 2024

On March 12, 2025, the First International Bank of Israel (TASE: FIBI), a key player in Israel's banking sector, announced its financial performance for the fourth quarter and the full year of 2024. Despite facing challenges throughout the year, the bank demonstrated remarkable resilience, recording impressive growth and profitability.

Financial Highlights

According to the released figures, the bank reported a net income of NIS 2,371 million for the entire year, representing an increase of 9.2% compared to 2023, resulting in a return on equity (ROE) of 19%. In the fourth quarter alone, net income reached NIS 573 million, reflecting a 14.8% rise from the same period in the previous year, with an ROE of 17.4%.

Key indicators for 2024 included:

• - A 10% rise in net credit to the public, totaling NIS 129.4 billion.
• - Deposits from the public expanded by 12.4%, reaching NIS 214.8 billion.
• - Customers' overall assets surged by 25%, hitting NIS 839 billion, with a quarterly growth rate of 5%.
• - The equity attributable to the bank's shareholders grew to NIS 13.4 billion, up 11.3% from 2023.
• - A dividend distribution of NIS 228 million was approved, equating to 40% of net income.

Economic Context and Management Perspective

Eli Cohen, the bank's Chief Executive Officer, commented on the financial results, emphasizing the challenges faced in 2024, particularly due to the ongoing impacts of the Swords of Iron War. He reaffirmed the bank staff's commitment to providing optimal customer service during this tumultuous period, and highlighted initiatives aimed at offering support and relief to customers affected by the conflict.

Cohen remarked on the impressive growth trajectory the bank has maintained, stating, "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."

Furthermore, he pointed out technological advancements, such as FibiWise, a developed system that allows customers to have a comprehensive view of their financial accounts across multiple institutions. Another recent release, the Beyond wallet, aims to position the bank at the forefront of innovation within the Israeli banking landscape.

Credit Quality and Operational Efficiency

The bank also managed to maintain a strong credit portfolio quality, with the non-performing loan (NPL) ratio decreasing to 0.53% by the end of Q4 2024, down from 0.6% the previous year. Operating expenses for the year totaled NIS 2,977 million, a modest increase of 3.5% compared to 2023, aligning with the bank's improved efficiency metrics.

With a liquidity coverage ratio standing high at 165%, the First International Bank of Israel consistently demonstrated financial solidity throughout the operational year, positioning itself favorably in the face of market uncertainties. As the bank moves forward, it remains committed to its customer-centric approach and continues refining its service offerings to enhance customer experience across its operations.

Conclusion

In conclusion, the First International Bank of Israel navigated a challenging economic landscape in 2024, ultimately showcasing strong financial results characterized by growth and operational stability. As the banking sector evolves, FIBI is poised to sustain its leadership in the market, moving forward with innovation and customer-oriented strategies.