The quarter: net interest income of
The payout and the buffer
Net profit attributable to shareholders was ₪583M for the quarter, versus ₪637M a year earlier. On it the bank declared a ₪558M dividend: 96% of the quarter's profit, made of two parts: a regular 50% payout, plus ₪266M from a ₪1.1B excess-capital distribution in four tranches.
On the other side sits the CET1 ratio: 10.87% versus 11.54% a year ago. The board's target is 9.50%. The gap, 1.37 points, is a computation.
The main engine is shrinking
Net interest income fell to ₪1,192M from ₪1,290M, down 7.6%. In the same year the loan book grew 20.1% gross. The Bank of Israel rate fell from 4.5% to 3.5%, and on 01.09.2026 again, to 3.25%.
By the bank's own sensitivity tables, as quoted by Calcalist, a 1% cut removes about ₪453M of financing income.
The datum that disagrees
Credit quality is improving. Non-accruing loans fell to 0.40% from 0.46%. The credit-loss line is an income of ₪38M for the quarter. The bank returning capital is also the bank whose loan book is cleaner than a year ago.
For
- Problem loans shrinking: NPL 0.40% vs 0.46%
- The second engine works: fees ₪473M, +9.0%
- Deposits fund the growth: 95% of loan growth
Against
- Main engine shrinking: NII −7.6% on a +20.1% book
- Efficiency worsened three points: 46.1 vs 43.1
- Payout funded from the buffer: ₪266M returned capital
Sources
- 1Quarterly report to the public as of 30.06.2026, Maya 17628312026-08-12 · 191 עמודים
- 2Bizportal quote page, close of 04.09.20262026-09-04
- 3Globes, "FIBI profit fell, but it will pay out 96% as dividend"2026-08-12
- 4Calcalist, "Changing engines: the rate party is over"2026-08-15
Disclosure. Fundamental research on companies listed on the Tel Aviv Stock Exchange. The AI rating is a number computed from public data and is not investment advice tailored to any person.