Key financial highlights:
Net profit totaled NIS 192 million in the first quarter of 2020, compared with NIS 821 million in the same quarter last year.
Net profit in the quarter was negatively impacted mainly as a result of NIS 809 million of provision for credit losses, of which NIS 603 million were added to the bank's collective allowance as an advance measure in confronting the effects of the COVID-19 crisis.
Net profit was also affected by the previously announced loss of NIS 109 million resultant from the separation of Isracard.
Net profit from continued operations, which excludes the effects of Isracard, totaled NIS 301 million, compared with NIS 730 million in the same quarter last year.
Return on equity (ROE) for the quarter stood at 2.0%, compared with 9.0% in the same quarter last year. ROE from continued operations was 3.2%.
Growth in credit portfolio: Net credit to the public totaled NIS 299.5 billion in the first quarter, compared with NIS 292.9 billion at the end of 2019, an increase of 2.3%.
Increase in deposits from the public: Deposits from the public totaled NIS 388.6 billion, compared with NIS 361.6 billion at the end of 2019, an increase of 7.4%.
Increase in financing income: Income from regular financing activity totaled NIS 2,486 million in the first quarter of 2020, compared with NIS 2,396 million in the same quarter last year, an increase of 3.8%.
Improvement in efficiency ratio: Cost income ratio for the quarter was 56.6%, compared with 59.2% in the same quarter last year.
Strong capital resilience continues: The bank's Common Equity Tier 1 capital ratio as at March 31, 2020, was 11.21%, well above both regulatory and internal targets.