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Mizrahi Tefahot Advances as Second-Quarter Profit Surges 17%

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Aug. 15 (Bloomberg) -- Mizrahi Tefahot Bank Ltd. advanced to the highest level in almost a week after Israel’s fourth-largest bank by assets reported a 17 percent increase in second-quarter profit and provisions for bad debt declined.

The shares rose 1.8 percent to 30.77 shekels, the highest level since Aug. 9, at the close in Tel Aviv. The benchmark TA-25 Index was little changed.

Mizrahi Tefahot said second-quarter net income rose to 295 million shekels ($73 million) from 252 million shekels a year earlier, while bad debt provisions dropped to 45 million shekels from 80 million shekels. Bank Hapoalim Ltd., Bank Leumi Le-Israel Ltd. and Israel Discount Bank Ltd. are scheduled to report their results on Aug. 30, according to data compiled by Bloomberg.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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