United Mizrahi Bank
United Mizrahi Bank is the unquestionable winner, being the only bank in Israel last year that expanded profits.
Despite an economic recession and great political turbulence in Israel in 2002, the bank increased net profit by 10.5% compared with an average decline of 63% for the rest of the country’s banks. It achieved an ROE of 8.2% compared with an average of 0.9% for the rest.
United Mizrahi Bank’s balance sheet was strengthened by a negligible 0.6% increase in risk provisions for non-performing loans. The increase compares to a peer group average of plus 63.4%.
“The award reflects our prudent strategy, which has enabled us to report prominent results in difficult market conditions. Bank Mizrahi continues to offer a full range of financial products and services, including unique products targeting private banking clients and high net worth individuals, while striving to optimise opportunities to expand its worldwide operations,” said the bank’s president and CEO, Victor Medina.
